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 High Court rejected the condonation of delay in filing income tax returns, as the returns were handled by a Chartered Accountant who could not take timely steps due to ill health of his spouse. It was held that assessees are likely to depend on professional services of Chartered Accountants for maintaining accounts and filing returns. When a Chartered Accountant is engaged and there is genuine dependence on his services, personal difficulties causing delay in filing returns were beyond the control of the assessees. Such human factors require due consideration when it comes to compliance with time limits under the Income Tax Act, akin to courts condoning delay in filing legal proceedings. Disallowing an assessee to file returns is counterproductive to the object and purpose of tax laws. The delay was sufficiently explained, and the court directed the respondents to permit the petitioners to file returns with penalty, fees, and interest within two weeks.
The High Court rejected the condonation of delay in filing income tax returns, as the returns were handled by a Chartered Accountant who could not take timely steps due to ill health of his spouse. It was held that assessees are likely to depend on professional services of Chartered Accountants for maintaining accounts and filing returns. When a Chartered Accountant is engaged and there is genuine dependence on his services, personal difficulties causing delay in filing returns were beyond the control of the assessees. Such human factors require due consideration when it comes to compliance with time limits under the Income Tax Act, akin to courts condoning delay in filing legal proceedings. Disallowing an assessee to file returns is counterproductive to the object and purpose of tax laws. The delay was sufficiently explained, and the court directed the respondents to permit the petitioners to file returns with penalty, fees, and interest within two weeks.
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