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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The Appellate Tribunal addressed the issue of refund of excess taxes claimed by the Assessee due to a difference in the amount of TDS and Advance Tax as computed by the Department compared to what was reflected in Form 26AS. The Tribunal held that u/s 240(b) of the Act, the Assessee was eligible for the refund. The assessment showed a shortfall in the refund payable to the Assessee, as the correct amount was higher than what was initially refunded. The Assessee had already paid the excess amount through Advance tax and TDS, as evidenced by Form 26AS. The Tribunal directed the revenue authorities to refund the due amount to the Assessee, along with applicable interest u/s 244A of the Income Tax Act, 1961. The appeal of the Assessee was allowed.
The Appellate Tribunal addressed the issue of refund of excess taxes claimed by the Assessee due to a difference in the amount of TDS and Advance Tax as computed by the Department compared to what was reflected in Form 26AS. The Tribunal held that u/s 240(b) of the Act, the Assessee was eligible for the refund. The assessment showed a shortfall in the refund payable to the Assessee, as the correct amount was higher than what was initially refunded. The Assessee had already paid the excess amount through Advance tax and TDS, as evidenced by Form 26AS. The Tribunal directed the revenue authorities to refund the due amount to the Assessee, along with applicable interest u/s 244A of the Income Tax Act, 1961. The appeal of the Assessee was allowed.
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