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 Income Tax Settlement Commission (ITSC) has the power to pass an order not limited to aspects covered by the assessee's application but can consider issues mentioned in the Commissioner's report. The ITSC has authority to consider all aspects arising from the application to extend finality to disputes. It does not wield authority for regular assessment but passes an order based on settlement terms containing mutual consensus. The ITSC's objective is to compromise with errant taxpayers, different from the Assessing Officer's power of regular assessment. The contested additions were made after careful perusal of the report submitted to the ITSC. The ITSC exercised its power considering the settlement process's intent, and the addition cannot be deemed manifestly erroneous. An applicant cannot assert an indefeasible right to accept the disclosed income.
The Income Tax Settlement Commission (ITSC) has the power to pass an order not limited to aspects covered by the assessee's application but can consider issues mentioned in the Commissioner's report. The ITSC has authority to consider all aspects arising from the application to extend finality to disputes. It does not wield authority for regular assessment but passes an order based on settlement terms containing mutual consensus. The ITSC's objective is to compromise with errant taxpayers, different from the Assessing Officer's power of regular assessment. The contested additions were made after careful perusal of the report submitted to the ITSC. The ITSC exercised its power considering the settlement process's intent, and the addition cannot be deemed manifestly erroneous. An applicant cannot assert an indefeasible right to accept the disclosed income.
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