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 (ITAT) considered the issue of the validity of assessment u/s 153A due to the lack of valid approval u/s 153D. It was alleged that the approving authority did not apply their mind properly. The ITAT held that the approving authority must examine relevant material in detail before granting approval u/s 153D, as it is a mandatory requirement and not meant to be given mechanically. In this case, the approval was granted hastily without proper examination of the material, vitiating the assessment orders. The AO claimed the case was related to a search action u/s 132. The ITAT found that the approving authority did not adequately review the evidence, documents, and statements before granting approval, leading to a decision in favor of the assessee.
The Appellate Tribunal (ITAT) considered the issue of the validity of assessment u/s 153A due to the lack of valid approval u/s 153D. It was alleged that the approving authority did not apply their mind properly. The ITAT held that the approving authority must examine relevant material in detail before granting approval u/s 153D, as it is a mandatory requirement and not meant to be given mechanically. In this case, the approval was granted hastily without proper examination of the material, vitiating the assessment orders. The AO claimed the case was related to a search action u/s 132. The ITAT found that the approving authority did not adequately review the evidence, documents, and statements before granting approval, leading to a decision in favor of the assessee.
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