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 High Court held that the petitioner, a Director in the Government of Meghalaya's Department of Soil, who claimed exemption from income tax u/s 10(26) as a member of a scheduled tribe, should avail the structured remedy provided by the Income Tax Act, 1961. The court found that as a writ court, it should not exercise jurisdiction to adjudicate upon highly disputed facts involving voluminous evidence. The petitioner had filed an application for revision u/s 264 for the assessment year 2014-15, which she allegedly withdrew on June 9, 2022. The court set aside the alleged withdrawal and directed the income tax authorities to treat the Section 264 application as pending, hear the petitioner, respondent No. 9, and other interested parties, and dispose of the application by a reasoned order within three months. The petitioner was given liberty to apply for interim orders pending the Section 264 proceedings.
The High Court held that the petitioner, a Director in the Government of Meghalaya's Department of Soil, who claimed exemption from income tax u/s 10(26) as a member of a scheduled tribe, should avail the structured remedy provided by the Income Tax Act, 1961. The court found that as a writ court, it should not exercise jurisdiction to adjudicate upon highly disputed facts involving voluminous evidence. The petitioner had filed an application for revision u/s 264 for the assessment year 2014-15, which she allegedly withdrew on June 9, 2022. The court set aside the alleged withdrawal and directed the income tax authorities to treat the Section 264 application as pending, hear the petitioner, respondent No. 9, and other interested parties, and dispose of the application by a reasoned order within three months. The petitioner was given liberty to apply for interim orders pending the Section 264 proceedings.
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