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 Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment year supported by audited books of accounts. The AO, without rejecting these books, referred the matter to the DVO. The High Court observed that the books of accounts were not rejected before a certain date, and the rejection occurred later based on the DVO's report. Citing precedent, the High Court emphasized that the AO could not refer the matter to the DVO without first rejecting the books of account. - The High Court upheld the ITAT's decision to delete the addition made by the AO based on the valuation report. It reiterated that the reference to the DVO was not lawful, and therefore, the estimation made by the DVO could not be relied upon for making the assessment.
Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment year supported by audited books of accounts. The AO, without rejecting these books, referred the matter to the DVO. The High Court observed that the books of accounts were not rejected before a certain date, and the rejection occurred later based on the DVO's report. Citing precedent, the High Court emphasized that the AO could not refer the matter to the DVO without first rejecting the books of account. - The High Court upheld the ITAT's decision to delete the addition made by the AO based on the valuation report. It reiterated that the reference to the DVO was not lawful, and therefore, the estimation made by the DVO could not be relied upon for making the assessment.
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