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 CIT (Appeals) correctly invoked Section 45(4) to tax the increase in partners' capital accounts due to revaluation of firm assets, as this constitutes transfer of capital assets by the firm. The Supreme Court in Mansukh Dyeing case held revaluation and crediting partners' accounts is a transfer u/s 45(4). However, the CIT (Appeals) erred in considering the revalued amount as full value of consideration u/s 48. Fair market value on the transfer date should be considered, which the assessee proved as Rs. 7 lakh per acre based on Sub-Registrar's certificate. Capital gains are to be computed u/s 45(4) using this fair market value. The matter was decided partly in favor of the assessee.
The CIT (Appeals) correctly invoked Section 45(4) to tax the increase in partners' capital accounts due to revaluation of firm assets, as this constitutes transfer of capital assets by the firm. The Supreme Court in Mansukh Dyeing case held revaluation and crediting partners' accounts is a transfer u/s 45(4). However, the CIT (Appeals) erred in considering the revalued amount as full value of consideration u/s 48. Fair market value on the transfer date should be considered, which the assessee proved as Rs. 7 lakh per acre based on Sub-Registrar's certificate. Capital gains are to be computed u/s 45(4) using this fair market value. The matter was decided partly in favor of the assessee.
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