Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
This is a summary of an Income Tax Appellate Tribunal (ITAT) order dealing with various transfer pricing and deduction issues. The key points are: Transfer pricing adjustments were deleted for trademark fee, outstanding receivables, and purchase of finished goods transactions based on the application of appropriate methods and factual findings. The regional service charges and accounting support services transactions were remitted to the Transfer Pricing Officer for fresh adjudication after considering the assessee's submissions. The disallowance of 30% advertising and brand-building expenses was decided in favor of the assessee, following earlier years' ITAT orders. The disallowance of employees' contribution to ESI was upheld based on the Supreme Court's decision in Checkmate Services, as the contributions were deposited after the due dates prescribed under the relevant Act.
This is a summary of an Income Tax Appellate Tribunal (ITAT) order dealing with various transfer pricing and deduction issues. The key points are: Transfer pricing adjustments were deleted for trademark fee, outstanding receivables, and purchase of finished goods transactions based on the application of appropriate methods and factual findings. The regional service charges and accounting support services transactions were remitted to the Transfer Pricing Officer for fresh adjudication after considering the assessee's submissions. The disallowance of 30% advertising and brand-building expenses was decided in favor of the assessee, following earlier years' ITAT orders. The disallowance of employees' contribution to ESI was upheld based on the Supreme Court's decision in Checkmate Services, as the contributions were deposited after the due dates prescribed under the relevant Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
