Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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Validity of Reopening of assessment based on order passed u/s 263 - The Court found that the reassessment proceedings lacked the satisfaction of jurisdictional pre-conditions and were based solely on an order that had been set aside by the Income Tax Appellate Tribunal. Therefore, the notices and order issued by the Assessing Officer to reopen the assessment could not be sustained. The Court emphasized that once a query is raised during the assessment proceedings and answered by the assessee, it is deemed to have been considered and accepted by the Assessing Officer.
Validity of Reopening of assessment based on order passed u/s 263 - The Court found that the reassessment proceedings lacked the satisfaction of jurisdictional pre-conditions and were based solely on an order that had been set aside by the Income Tax Appellate Tribunal. Therefore, the notices and order issued by the Assessing Officer to reopen the assessment could not be sustained. The Court emphasized that once a query is raised during the assessment proceedings and answered by the assessee, it is deemed to have been considered and accepted by the Assessing Officer.
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