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 considered a case involving a penalty order u/s 271(1)(c) of the Income-tax Act. The assessee did not file the return of income u/s 139(1) but filed it after a notice u/s 148. The Tribunal held that as the self-assessment tax paid before the notice exceeded the tax on the income assessed, there was no tax sought to be evaded. Therefore, the penalty of Rs. 2,10,000 was unjustified and deleted. The Tribunal did not address other arguments raised by the assessee as the main ground for penalty imposition was not valid. The appeal of the assessee was allowed.
The Appellate Tribunal considered a case involving a penalty order u/s 271(1)(c) of the Income-tax Act. The assessee did not file the return of income u/s 139(1) but filed it after a notice u/s 148. The Tribunal held that as the self-assessment tax paid before the notice exceeded the tax on the income assessed, there was no tax sought to be evaded. Therefore, the penalty of Rs. 2,10,000 was unjustified and deleted. The Tribunal did not address other arguments raised by the assessee as the main ground for penalty imposition was not valid. The appeal of the assessee was allowed.
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