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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Benami transaction - Attachment of funds towards chit funds in appellants' name and another maturity value. Reliance on sworn statement u/s 132(4) of Income Tax Act permissible even in proceedings under 1988 Act, not just for prosecution. Revenue proceedings differ from criminal proceedings, no necessity to follow CrPC or Evidence Act. Initiating Officer considered issues raised before Adjudicating Authority. Appellant's argument of chit funds from disclosed sources rejected, admission of operation at instance of third party. Appellant failed to prove income from poultry or agriculture, VEO certificate based on information, not revenue records. Benami transaction rightly held. Appellant's income above taxable limit, no ITR filed. Each aspect considered by Adjudicating Authority, lame excuses rejected. No error found, appeals dismissed.
Benami transaction - Attachment of funds towards chit funds in appellants' name and another maturity value. Reliance on sworn statement u/s 132(4) of Income Tax Act permissible even in proceedings under 1988 Act, not just for prosecution. Revenue proceedings differ from criminal proceedings, no necessity to follow CrPC or Evidence Act. Initiating Officer considered issues raised before Adjudicating Authority. Appellant's argument of chit funds from disclosed sources rejected, admission of operation at instance of third party. Appellant failed to prove income from poultry or agriculture, VEO certificate based on information, not revenue records. Benami transaction rightly held. Appellant's income above taxable limit, no ITR filed. Each aspect considered by Adjudicating Authority, lame excuses rejected. No error found, appeals dismissed.
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