Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
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The ITAT, an Appellate Tribunal, addressed several key issues in...
Tax credit granted for Tega Industries restored for verification. Corporate guarantee with AE = international transaction. Corporate guarantee fee set at 0.5%.
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The ITAT, an Appellate Tribunal, addressed several key issues in the case. Firstly, a short grant of advance tax credit was challenged, leading to a decision to send the matter back to the ld. AO for verification. Secondly, a TP adjustment related to a corporate guarantee was deemed an international transaction under Section 92B. This decision was supported by a relevant court judgment. Finally, the calculation of the corporate guarantee fee was discussed, with a range of 0.2% to 0.5% considered justified based on precedent. The TPO was directed to compute the fee at 0.5% and delete any excess amount added to the assessee's income. Overall, the Tribunal partly allowed the assessee's grounds on these matters.
The ITAT, an Appellate Tribunal, addressed several key issues in the case. Firstly, a short grant of advance tax credit was challenged, leading to a decision to send the matter back to the ld. AO for verification. Secondly, a TP adjustment related to a corporate guarantee was deemed an international transaction under Section 92B. This decision was supported by a relevant court judgment. Finally, the calculation of the corporate guarantee fee was discussed, with a range of 0.2% to 0.5% considered justified based on precedent. The TPO was directed to compute the fee at 0.5% and delete any excess amount added to the assessee's income. Overall, the Tribunal partly allowed the assessee's grounds on these matters.
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