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 Income Tax Appellate Tribunal (ITAT) held that the provisions of Section 13(1)(b) of the Income Tax Act can be invoked at the time of assessment, based on the material brought on record. However, registration u/s 12A cannot be denied to a trust by invoking Section 13(1)(b) at the time of granting registration. The Commissioner of Income Tax (Exemptions) had denied registration u/s 12A to a trust due to one objective benefiting only the Jain community, invoking Section 13(1)(b), but overlooked the broader charitable objectives. The ITAT remanded the matter to the CIT (Exemptions) for reconsideration, directing not to disentitle the trust for registration solely on the grounds mentioned in the order rejecting the application.
The Income Tax Appellate Tribunal (ITAT) held that the provisions of Section 13(1)(b) of the Income Tax Act can be invoked at the time of assessment, based on the material brought on record. However, registration u/s 12A cannot be denied to a trust by invoking Section 13(1)(b) at the time of granting registration. The Commissioner of Income Tax (Exemptions) had denied registration u/s 12A to a trust due to one objective benefiting only the Jain community, invoking Section 13(1)(b), but overlooked the broader charitable objectives. The ITAT remanded the matter to the CIT (Exemptions) for reconsideration, directing not to disentitle the trust for registration solely on the grounds mentioned in the order rejecting the application.
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