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 court held that the circumstances for issuing a Look-Out Circular (LOC) were not met in the present case. The petitioner was cooperating with the investigating agency by furnishing documents and responding to queries, and had appeared before the Enforcement Directorate (ED) more than 14 times. The Supreme Court had granted anticipatory bail to the petitioner with directions not to take coercive action, including arrest, and obliging the petitioner to join the investigation when called upon. Given that the petitioner had joined the investigations, was not evading the process of law, and there was no likelihood of leaving the country to evade trial, the grounds for continuing the LOC did not exist. Consequently, the LOC issued against the petitioner was quashed.
The court held that the circumstances for issuing a Look-Out Circular (LOC) were not met in the present case. The petitioner was cooperating with the investigating agency by furnishing documents and responding to queries, and had appeared before the Enforcement Directorate (ED) more than 14 times. The Supreme Court had granted anticipatory bail to the petitioner with directions not to take coercive action, including arrest, and obliging the petitioner to join the investigation when called upon. Given that the petitioner had joined the investigations, was not evading the process of law, and there was no likelihood of leaving the country to evade trial, the grounds for continuing the LOC did not exist. Consequently, the LOC issued against the petitioner was quashed.
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