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 ruled that when tax deducted at source (TDS) is not initially credited but the relevant certificate or Form 26AS is subsequently presented, the Assessing Officer is statutorily obligated u/s 155(14) to amend the assessment order accordingly. The provision does not mandate revising the original return. It caters to situations where TDS is reflected in Form 26AS after a time lag due to unforeseeable reasons. Once the updated Form 26AS is submitted, the Assessing Officer must acknowledge and amend the assessment. Denying the refund of TDS already deducted and reflected in Form 26AS, when the income was never taxable, is illegal and arbitrary. The High Court allowed the writ petition and quashed the impugned order u/s 264.
The High Court ruled that when tax deducted at source (TDS) is not initially credited but the relevant certificate or Form 26AS is subsequently presented, the Assessing Officer is statutorily obligated u/s 155(14) to amend the assessment order accordingly. The provision does not mandate revising the original return. It caters to situations where TDS is reflected in Form 26AS after a time lag due to unforeseeable reasons. Once the updated Form 26AS is submitted, the Assessing Officer must acknowledge and amend the assessment. Denying the refund of TDS already deducted and reflected in Form 26AS, when the income was never taxable, is illegal and arbitrary. The High Court allowed the writ petition and quashed the impugned order u/s 264.
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