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...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee contended that in the absence of any incriminating material seized from the premises, no addition could have been made u/s 153C for the assessment year under consideration. It was held that the Assessing Officer (AO) did not consider or hold the cash found as unexplained cash of the assessee, and it cannot be automatically subsumed in the addition related to 'on-money' without an express finding by the AO. The AO made an addition related to on-money based on material impounded during the survey and not under the search action. Therefore, no addition could have been made by the AO in assessments completed for the assessment years 2013-14 to 2016-17 invoking Section 153C/153A of the Act. Even if the cash found was considered undisclosed income for the assessment year 2017-18, no addition can be made for the assessment years 2013-14 to 2016-17. The additions made without any incriminating material found in the search were deleted, and the decision was in favor of the assessee. Regarding the validity of assessment proceedings u/s 153C/153A beyond the period of limitation and the selection of the initial assessment year.
Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee contended that in the absence of any incriminating material seized from the premises, no addition could have been made u/s 153C for the assessment year under consideration. It was held that the Assessing Officer (AO) did not consider or hold the cash found as unexplained cash of the assessee, and it cannot be automatically subsumed in the addition related to 'on-money' without an express finding by the AO. The AO made an addition related to on-money based on material impounded during the survey and not under the search action. Therefore, no addition could have been made by the AO in assessments completed for the assessment years 2013-14 to 2016-17 invoking Section 153C/153A of the Act. Even if the cash found was considered undisclosed income for the assessment year 2017-18, no addition can be made for the assessment years 2013-14 to 2016-17. The additions made without any incriminating material found in the search were deleted, and the decision was in favor of the assessee. Regarding the validity of assessment proceedings u/s 153C/153A beyond the period of limitation and the selection of the initial assessment year.
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