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 ITAT held that levying penalty u/s 271D for cash sale transactions is not acceptable. Addition of cash loans below Rs. 20,000 as unexplained deposits u/s 68 was made in the assessment order, but the revenue did not dispute the genuineness of the flat purchase and sale. The assessee entered into an agreement for an under-construction flat, which later went to another party due to financial issues. The ITAT found the AR's submissions realistic, setting aside the CIT(A) order and directing the AO to delete the penalty. The appeal was allowed in favor of the assessee.
The ITAT held that levying penalty u/s 271D for cash sale transactions is not acceptable. Addition of cash loans below Rs. 20,000 as unexplained deposits u/s 68 was made in the assessment order, but the revenue did not dispute the genuineness of the flat purchase and sale. The assessee entered into an agreement for an under-construction flat, which later went to another party due to financial issues. The ITAT found the AR's submissions realistic, setting aside the CIT(A) order and directing the AO to delete the penalty. The appeal was allowed in favor of the assessee.
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