Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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The annual retable value of the property must be determined based on the expected market rate of rent, not the actual rent received. The matter was restored to the Assessing Officer to determine the annual letable value after considering relevant factors and providing an opportunity to the assessee. Regarding expenses provisioned at the year-end and reversed at the beginning, if the payer, payee, nature of services, and liability amount are identified, tax should have been deducted. However, if the assessee paid such tax before the due date u/s 139(1), no disallowance can be made. The addition for stock shortage was deleted as the shortage amount was insignificant compared to the average stock, and such occurrences are normal in a manufacturing company. The addition for scrap sale was also deleted as it is unfair to determine the average sale per day and make an addition despite the scrap not being sold. The sale of scrap is accounted for as and when it is sold.
The annual retable value of the property must be determined based on the expected market rate of rent, not the actual rent received. The matter was restored to the Assessing Officer to determine the annual letable value after considering relevant factors and providing an opportunity to the assessee. Regarding expenses provisioned at the year-end and reversed at the beginning, if the payer, payee, nature of services, and liability amount are identified, tax should have been deducted. However, if the assessee paid such tax before the due date u/s 139(1), no disallowance can be made. The addition for stock shortage was deleted as the shortage amount was insignificant compared to the average stock, and such occurrences are normal in a manufacturing company. The addition for scrap sale was also deleted as it is unfair to determine the average sale per day and make an addition despite the scrap not being sold. The sale of scrap is accounted for as and when it is sold.
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