Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
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Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite the assessing officer invoking section 68 of the Income Tax Act, the Commissioner of Income Tax (Appeals) upheld the addition under section 41(1), citing long-standing outstanding credits. However, the Appellate Tribunal ruled in favor of the appellant, finding insufficient evidence of cessation of liabilities. Specific cases were examined, and additions were deleted due to lack of evidence or the appellant's satisfactory explanations.
Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite the assessing officer invoking section 68 of the Income Tax Act, the Commissioner of Income Tax (Appeals) upheld the addition under section 41(1), citing long-standing outstanding credits. However, the Appellate Tribunal ruled in favor of the appellant, finding insufficient evidence of cessation of liabilities. Specific cases were examined, and additions were deleted due to lack of evidence or the appellant's satisfactory explanations.
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