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...
Page of 4828
Press 'Enter' after typing page number.
161 to 180 of 96556 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The petitioner incurred expenditure towards application of income as required u/s 11(1)(d) for the year under consideration, which was evident from the computation of total income and Form No. 10B issued by the Chartered Accountant. However, the same was not reflected in Form ITR-7 uploaded by the petitioner, showing a nil amount in column no. 9 regarding the application of income for charitable or religious purposes. Since the petitioner applied the income/donation received for charitable purposes, they are entitled to the benefit of the same. The respondent should have considered this fact while deciding the revision application u/s 264. Following the Shree Rudra Technocast Private Limited case, the impugned order passed u/s 264 is quashed and set aside, and the matter is remanded back to the respondent to pass a fresh de novo order u/s 264 on merits, considering that due to a technical glitch, the income applied by the petitioner is not reflected in the return of income in Form ITR-7, which should be taken into consideration while computing the income and tax for the year under consideration.
The petitioner incurred expenditure towards application of income as required u/s 11(1)(d) for the year under consideration, which was evident from the computation of total income and Form No. 10B issued by the Chartered Accountant. However, the same was not reflected in Form ITR-7 uploaded by the petitioner, showing a nil amount in column no. 9 regarding the application of income for charitable or religious purposes. Since the petitioner applied the income/donation received for charitable purposes, they are entitled to the benefit of the same. The respondent should have considered this fact while deciding the revision application u/s 264. Following the Shree Rudra Technocast Private Limited case, the impugned order passed u/s 264 is quashed and set aside, and the matter is remanded back to the respondent to pass a fresh de novo order u/s 264 on merits, considering that due to a technical glitch, the income applied by the petitioner is not reflected in the return of income in Form ITR-7, which should be taken into consideration while computing the income and tax for the year under consideration.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
