Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The High Court reviewed a case involving a rough assessment of tax quantum and the validity of a Best judgment assessment for determining net profit in a civil work contract. The assessing officer acknowledged the receipt of consideration for civil work, which was supported by materials not disputed. The ITAT noted the net profit rates of the past seven years and comparable rates in the trade, settling on a rate of 8% agreed upon by the assessee. The court found no fault in the application of the 8% net profit rate, upholding the ITAT's decision as legally sound. The judgment favored the assessee based on best judgment assessment principles.
The High Court reviewed a case involving a rough assessment of tax quantum and the validity of a Best judgment assessment for determining net profit in a civil work contract. The assessing officer acknowledged the receipt of consideration for civil work, which was supported by materials not disputed. The ITAT noted the net profit rates of the past seven years and comparable rates in the trade, settling on a rate of 8% agreed upon by the assessee. The court found no fault in the application of the 8% net profit rate, upholding the ITAT's decision as legally sound. The judgment favored the assessee based on best judgment assessment principles.
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