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...
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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 assessee, a Nagar Palika Parishad, failed to collect tax at source (TCS) on payments received for granting a license for a parking lot. However, the assessee contended that the money collected was on behalf of the government and expended for the welfare of citizens. As a non-profit organization, the assessee faced constraints in understanding tax laws and did not receive advice on TCS collection. Upon being informed of the default, the assessee swiftly complied. Considering these circumstances, the Appellate Tribunal held that the assessee cannot be treated as an assessee in default per se, and there existed reasonable cause for the technical default. Consequently, the penalties imposed u/ss 271CA and 271C were deleted, and the assessee's appeal was allowed.
The assessee, a Nagar Palika Parishad, failed to collect tax at source (TCS) on payments received for granting a license for a parking lot. However, the assessee contended that the money collected was on behalf of the government and expended for the welfare of citizens. As a non-profit organization, the assessee faced constraints in understanding tax laws and did not receive advice on TCS collection. Upon being informed of the default, the assessee swiftly complied. Considering these circumstances, the Appellate Tribunal held that the assessee cannot be treated as an assessee in default per se, and there existed reasonable cause for the technical default. Consequently, the penalties imposed u/ss 271CA and 271C were deleted, and the assessee's appeal was allowed.
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