Transfer pricing comparables and operating income principles applied to software development services, with exclusions, inclusions, and tax credit ver...
Transfer pricing on performance guarantees and overdue receivables deleted where warranty obligations were embedded and working capital adjustment alr...
Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment. Voluntary surrender does not fall under deemed concealment as per Explanation 5A to section 271(1)(c). AO erred in levying penalty u/s 271(1)(c) by invoking Explanation 5A. CIT(A) sustained penalty without appreciating facts. ITAT set aside CIT(A) order, directed AO to delete penalty u/s 271(1)(c). Assessee's appeal allowed.
Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment. Voluntary surrender does not fall under deemed concealment as per Explanation 5A to section 271(1)(c). AO erred in levying penalty u/s 271(1)(c) by invoking Explanation 5A. CIT(A) sustained penalty without appreciating facts. ITAT set aside CIT(A) order, directed AO to delete penalty u/s 271(1)(c). Assessee's appeal allowed.
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