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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During survey proceedings, excess stock was found and surrendered by the assessee. The Assessing Officer (AO), after examining the findings, documents, and statements, accepted the surrendered income as business income chargeable to tax for the relevant year, applying due diligence. This view was deemed plausible considering the facts and circumstances, and no unsustainable aspect was pointed out. The Principal Commissioner of Income Tax (Central) did not establish how the AO's order was erroneous, despite citing court decisions. Merely stating the survey operation and excess stock attracting Section 115BBE cannot justify invoking Section 263. Consequently, the Principal Commissioner's order u/s 263 was set aside, and the assessee's appeal was allowed.
During survey proceedings, excess stock was found and surrendered by the assessee. The Assessing Officer (AO), after examining the findings, documents, and statements, accepted the surrendered income as business income chargeable to tax for the relevant year, applying due diligence. This view was deemed plausible considering the facts and circumstances, and no unsustainable aspect was pointed out. The Principal Commissioner of Income Tax (Central) did not establish how the AO's order was erroneous, despite citing court decisions. Merely stating the survey operation and excess stock attracting Section 115BBE cannot justify invoking Section 263. Consequently, the Principal Commissioner's order u/s 263 was set aside, and the assessee's appeal was allowed.
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