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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Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from maintaining books of accounts is provided u/s 44AD and presumptive tax @ 8% of gross receipts is basis for determining taxable income, assessee not obligated to explain individual cash deposit unless no nexus with gross receipts. Assessee holding drug license filed return declaring gross receipts u/s 44AD accepted by AO. Assessee to satisfy cash deposited has nexus with disclosed sales. Assessee showed cash sales in Oct-Nov 2016, cash deposited in Nov 2016, source reported to Revenue as per demonetization filings. Sales vouchers, cash book filed verifying deposits from sales. Cash receipts of Oct deposited in Nov satisfies proximity test, nexus established between sales and deposits. Epidemic, winter season resulting in increased sales not discarded. Sales reported, part of VAT filing/assessment, can't be disputed.
Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from maintaining books of accounts is provided u/s 44AD and presumptive tax @ 8% of gross receipts is basis for determining taxable income, assessee not obligated to explain individual cash deposit unless no nexus with gross receipts. Assessee holding drug license filed return declaring gross receipts u/s 44AD accepted by AO. Assessee to satisfy cash deposited has nexus with disclosed sales. Assessee showed cash sales in Oct-Nov 2016, cash deposited in Nov 2016, source reported to Revenue as per demonetization filings. Sales vouchers, cash book filed verifying deposits from sales. Cash receipts of Oct deposited in Nov satisfies proximity test, nexus established between sales and deposits. Epidemic, winter season resulting in increased sales not discarded. Sales reported, part of VAT filing/assessment, can't be disputed.
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