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 case deals with addition u/s 68 for unexplained cash credit from alleged bogus unsecured loans. The Assessing Officer (AO) added the peak credit without establishing genuineness or creditworthiness. However, the assessee provided substantial evidence of identity, genuineness, and creditworthiness of the loan creditors, including confirmations, ID proofs, bank statements, and tax returns. Repayment in subsequent years supported transaction genuineness. The AO's conclusions relied on assumptions without contradicting evidence. Citing legal precedent, the CIT(A) rightly noted lack of adverse comments in the remand report. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal.
The case deals with addition u/s 68 for unexplained cash credit from alleged bogus unsecured loans. The Assessing Officer (AO) added the peak credit without establishing genuineness or creditworthiness. However, the assessee provided substantial evidence of identity, genuineness, and creditworthiness of the loan creditors, including confirmations, ID proofs, bank statements, and tax returns. Repayment in subsequent years supported transaction genuineness. The AO's conclusions relied on assumptions without contradicting evidence. Citing legal precedent, the CIT(A) rightly noted lack of adverse comments in the remand report. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal.
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