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...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The case involved the validity of reopening assessment u/s 147 based on a notice u/s 148. The key issue was the burden of proof regarding credible information to initiate reassessment proceedings. The Appellate Tribunal held that the notice was illegal as the AO failed to provide details of alleged receipt of Rs. 35 Lakh, relying on insufficient information. The burden lies on AOs to verify credibility of information, which was not done in this case. Previous assessment on the same issue with the same entity showed no addition was made, indicating lack of proper examination by the AO. Mere reliance on information without applying mind is unsustainable. Assessee's appeal was allowed.
The case involved the validity of reopening assessment u/s 147 based on a notice u/s 148. The key issue was the burden of proof regarding credible information to initiate reassessment proceedings. The Appellate Tribunal held that the notice was illegal as the AO failed to provide details of alleged receipt of Rs. 35 Lakh, relying on insufficient information. The burden lies on AOs to verify credibility of information, which was not done in this case. Previous assessment on the same issue with the same entity showed no addition was made, indicating lack of proper examination by the AO. Mere reliance on information without applying mind is unsustainable. Assessee's appeal was allowed.
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