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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Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already offered income at 6% of the total turnover from eligible business as part of the business income, not on an item-wise basis. The CIT(A) considered the sale bills and ledger account and accepted the assessee's case regarding genuine turnover of Rs. 64,74,859/- and not Rs. 74,26,060/-. The ITAT held that Section 44AD is applicable to the assessee for the relevant AY 2018-19. The decisions relied upon by the CIT(A) dealt with Section 80IB, which is distinct from Section 44AD. The assessee offered to pay tax as per Section 44AD on the total turnover at 6%. The ITAT accepted the assessee's contention, set aside the CIT(A)'s order, and directed the AO to accept the new offer to tax as mentioned by the assessee. The assessee's appeal was allowed.
Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already offered income at 6% of the total turnover from eligible business as part of the business income, not on an item-wise basis. The CIT(A) considered the sale bills and ledger account and accepted the assessee's case regarding genuine turnover of Rs. 64,74,859/- and not Rs. 74,26,060/-. The ITAT held that Section 44AD is applicable to the assessee for the relevant AY 2018-19. The decisions relied upon by the CIT(A) dealt with Section 80IB, which is distinct from Section 44AD. The assessee offered to pay tax as per Section 44AD on the total turnover at 6%. The ITAT accepted the assessee's contention, set aside the CIT(A)'s order, and directed the AO to accept the new offer to tax as mentioned by the assessee. The assessee's appeal was allowed.
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