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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Reopening of assessment - Addition u/s 68 - unsecured loans treated as bogus - reassessment merely based on information from investigation wing held unjustified. Powers of assessing officer to reopen wide but not plenary - "reason to believe" required, not mere "reason to suspect". Belief must be of honest, reasonable person based on reasonable grounds, not suspicion or rumour. Assessing officer acted without jurisdiction if reason for belief of escaped income non-existent or irrelevant. Assessee furnished sufficient documents proving identity, creditworthiness of creditors, genuineness of transactions. Creditor's assessment order accepted creditworthiness. Hence, addition u/s 68 unwarranted.
Reopening of assessment - Addition u/s 68 - unsecured loans treated as bogus - reassessment merely based on information from investigation wing held unjustified. Powers of assessing officer to reopen wide but not plenary - "reason to believe" required, not mere "reason to suspect". Belief must be of honest, reasonable person based on reasonable grounds, not suspicion or rumour. Assessing officer acted without jurisdiction if reason for belief of escaped income non-existent or irrelevant. Assessee furnished sufficient documents proving identity, creditworthiness of creditors, genuineness of transactions. Creditor's assessment order accepted creditworthiness. Hence, addition u/s 68 unwarranted.
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