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) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that since the assessee's tax liability would fall under the maximum marginal rate, surcharge would apply as per section 2(29). However, the assessee argued that as per the Finance Bill, 2022, surcharge is applicable only when the total income exceeds Rs. 50 lacs. The ITAT held that since the assessee's total income was Rs. 6,73,590/-, which is less than Rs. 50 lacs, levying surcharge would not be applicable. Consequently, the ITAT directed the Assessing Officer to delete the surcharge levied on the assessee Trust.
The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that since the assessee's tax liability would fall under the maximum marginal rate, surcharge would apply as per section 2(29). However, the assessee argued that as per the Finance Bill, 2022, surcharge is applicable only when the total income exceeds Rs. 50 lacs. The ITAT held that since the assessee's total income was Rs. 6,73,590/-, which is less than Rs. 50 lacs, levying surcharge would not be applicable. Consequently, the ITAT directed the Assessing Officer to delete the surcharge levied on the assessee Trust.
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