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 assessment of income from other sources u/s 56(2)(x) of the Income Tax Act, specifically regarding the addition on account of excess fair market value over the purchase consideration. The key points are: The Departmental Valuation Officer (DVO) provided comparable instances for estimating the fair market value as on the date of sale of the asset. However, there were differences in the rates per square meter among the comparable instances cited by the DVO, ranging from Rs. 126.16 to Rs. 220.04 per square meter. While the DVO adopted Rs. 155 per square meter, the average of the four comparable instances was Rs. 163.36 per square meter. Considering the variations, the Income Tax Appellate Tribunal (ITAT) determined that Rs. 150 per square meter would be reasonable and directed the Assessing Officer to adopt this rate for computing the addition. The ground of appeal was partly allowed.
The assessment of income from other sources u/s 56(2)(x) of the Income Tax Act, specifically regarding the addition on account of excess fair market value over the purchase consideration. The key points are: The Departmental Valuation Officer (DVO) provided comparable instances for estimating the fair market value as on the date of sale of the asset. However, there were differences in the rates per square meter among the comparable instances cited by the DVO, ranging from Rs. 126.16 to Rs. 220.04 per square meter. While the DVO adopted Rs. 155 per square meter, the average of the four comparable instances was Rs. 163.36 per square meter. Considering the variations, the Income Tax Appellate Tribunal (ITAT) determined that Rs. 150 per square meter would be reasonable and directed the Assessing Officer to adopt this rate for computing the addition. The ground of appeal was partly allowed.
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