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 ITAT upheld the validity of adjustments made in the intimation u/s 143(1) regarding the addition of payment of employees' contribution to PF and ESIC beyond the due date. The assessee's objection that the Apex Court's decision in Checkmate Services Private Limited case was applicable only for scrutiny assessments and not for processing returns u/s 143(1) was rejected. The intimation dated 31.03.2021, though communicated on 01.04.2021, was held not barred by limitation as the extended time limit for processing the return was till 31.01.2024. The nature of adjustment was properly reflected in the intimation, and the prior intimation regarding proposed adjustments was sent to the assessee's email account, which was legally valid. The assessee's contention of not receiving the prior intimation was dismissed, and the ITAT found the assessee had misrepresented facts.
The ITAT upheld the validity of adjustments made in the intimation u/s 143(1) regarding the addition of payment of employees' contribution to PF and ESIC beyond the due date. The assessee's objection that the Apex Court's decision in Checkmate Services Private Limited case was applicable only for scrutiny assessments and not for processing returns u/s 143(1) was rejected. The intimation dated 31.03.2021, though communicated on 01.04.2021, was held not barred by limitation as the extended time limit for processing the return was till 31.01.2024. The nature of adjustment was properly reflected in the intimation, and the prior intimation regarding proposed adjustments was sent to the assessee's email account, which was legally valid. The assessee's contention of not receiving the prior intimation was dismissed, and the ITAT found the assessee had misrepresented facts.
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