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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AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should have referred property to departmental valuation officer (DVO) instead of outrightly rejecting report. Since property was old, received as gift, and cost of acquisition unascertainable, fair market value as per clause (3) of Explanation to section 48 was required to be taken. AO directed to adopt fair market value as per rates adopted by registered valuer in reports filed during assessment proceedings, unless he formed opinion that claimed value varied from fair market value, in which case referral to DVO was required. Assessee's appeal allowed.
AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should have referred property to departmental valuation officer (DVO) instead of outrightly rejecting report. Since property was old, received as gift, and cost of acquisition unascertainable, fair market value as per clause (3) of Explanation to section 48 was required to be taken. AO directed to adopt fair market value as per rates adopted by registered valuer in reports filed during assessment proceedings, unless he formed opinion that claimed value varied from fair market value, in which case referral to DVO was required. Assessee's appeal allowed.
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