Functional comparability under TNMM supported exclusion of ITeS comparables with R&D, intangibles, diversified operations, or unavailable segmental da...
Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
LTCG - year of assessment - The Tribunal noted discrepancies in the year of taxability claims, stating that the original Joint Development Agreement (JDA) underwent substantial modification, which affected the final assessment year. Since the assessee offered the gains for tax in AY 2016-17, the Tribunal found no grounds to shift the taxability year to AY 2013-14 or AY 2015-16. - Regarding the computation of LTCG, the ITAT upheld the assessing officer’s decision to consider only the proportionate cost of land transferred and noted that the assessee could not substantiate the claimed costs of the building constructed in 1983-84. The Tribunal directed a recalibration of the fair market value of the building as of 01-04-1981, rejecting the depreciation applied by the assessing officer.
LTCG - year of assessment - The Tribunal noted discrepancies in the year of taxability claims, stating that the original Joint Development Agreement (JDA) underwent substantial modification, which affected the final assessment year. Since the assessee offered the gains for tax in AY 2016-17, the Tribunal found no grounds to shift the taxability year to AY 2013-14 or AY 2015-16. - Regarding the computation of LTCG, the ITAT upheld the assessing officer’s decision to consider only the proportionate cost of land transferred and noted that the assessee could not substantiate the claimed costs of the building constructed in 1983-84. The Tribunal directed a recalibration of the fair market value of the building as of 01-04-1981, rejecting the depreciation applied by the assessing officer.
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