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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Annual letting value (ALV) of unsold residential units treated as stock-in-trade was added as income from house property. CIT(A) deleted the addition. High Court affirmed ALV addition in assessee's own case for earlier years. Supreme Court upheld High Court's view. CIT(A)'s deletion cannot be sustained. Issue of taxability of vacant lands restored to AO for verification. Regarding allocation of expenses for computing deduction u/s 80IB(10), CIT(A) rightly allocated advertisement expenses based on average of earlier years and allocated directors' meeting fees as no evidence showed no agenda related to eligible projects. CIT(A) correctly did not allocate interest on borrowed funds as projects were running in surplus. Setting off of losses against profits correctly allowed as losses already set off earlier cannot be notionally brought forward. Disallowance u/s 14A rightly deleted as no evidence of investments from borrowed funds or expenditure for earning exempt income. Allocation of retainership fees upheld in absence of evidence of non-rendering of services for eligible projects.
Annual letting value (ALV) of unsold residential units treated as stock-in-trade was added as income from house property. CIT(A) deleted the addition. High Court affirmed ALV addition in assessee's own case for earlier years. Supreme Court upheld High Court's view. CIT(A)'s deletion cannot be sustained. Issue of taxability of vacant lands restored to AO for verification. Regarding allocation of expenses for computing deduction u/s 80IB(10), CIT(A) rightly allocated advertisement expenses based on average of earlier years and allocated directors' meeting fees as no evidence showed no agenda related to eligible projects. CIT(A) correctly did not allocate interest on borrowed funds as projects were running in surplus. Setting off of losses against profits correctly allowed as losses already set off earlier cannot be notionally brought forward. Disallowance u/s 14A rightly deleted as no evidence of investments from borrowed funds or expenditure for earning exempt income. Allocation of retainership fees upheld in absence of evidence of non-rendering of services for eligible projects.
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