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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Legal provisions and remedies available to the Assessing Officer (AO) when dealing with a company whose name has been struck off from the register of companies. Key points: Sections 159-163, 166-167 of the Income Tax Act, dealing with legal representatives, representative assessees, agents, and remedies against property, are not applicable in this case. Section 170, concerning succession of business, is also irrelevant. Section 176(1) allows assessment of income for the period until discontinuance of business. Section 178, regarding companies in liquidation, does not apply as this was a voluntary dissolution. u/s 179, the former director can be proceeded against for recovery of tax payable by the erstwhile company but cannot challenge the merits of the assessment order through appeals u/ss 246(1) and 253, as only the 'assessee' can do so. The maintainability of an appeal filed on behalf of a company whose name is struck off is questionable. However, the certificate of incorporation cannot be treated as cancelled for realizing dues and discharging liabilities, as per the Delhi ITAT ruling in Dwarka Portfolio (P) Ltd.
Legal provisions and remedies available to the Assessing Officer (AO) when dealing with a company whose name has been struck off from the register of companies. Key points: Sections 159-163, 166-167 of the Income Tax Act, dealing with legal representatives, representative assessees, agents, and remedies against property, are not applicable in this case. Section 170, concerning succession of business, is also irrelevant. Section 176(1) allows assessment of income for the period until discontinuance of business. Section 178, regarding companies in liquidation, does not apply as this was a voluntary dissolution. u/s 179, the former director can be proceeded against for recovery of tax payable by the erstwhile company but cannot challenge the merits of the assessment order through appeals u/ss 246(1) and 253, as only the 'assessee' can do so. The maintainability of an appeal filed on behalf of a company whose name is struck off is questionable. However, the certificate of incorporation cannot be treated as cancelled for realizing dues and discharging liabilities, as per the Delhi ITAT ruling in Dwarka Portfolio (P) Ltd.
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