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 Assessing Officer is not restricted from issuing a fresh notice u/s 148 of the Income Tax Act, even after filing of earlier reassessment proceedings, provided it is within the limitation period. In the present case, the petitioner had not disclosed income truthfully before the Settlement Commission. This gave the Assessing Officer a new cause of action to initiate fresh proceedings u/s 148 based on the Commission's observations of non-disclosure. The objections raised against the fresh reassessment were without basis. The Court recalled its interim order and directed the respondents to continue and pass the final assessment order based on the reassessment proceedings initiated under the fresh notice, following due process as per law.
The High Court held that the Assessing Officer is not restricted from issuing a fresh notice u/s 148 of the Income Tax Act, even after filing of earlier reassessment proceedings, provided it is within the limitation period. In the present case, the petitioner had not disclosed income truthfully before the Settlement Commission. This gave the Assessing Officer a new cause of action to initiate fresh proceedings u/s 148 based on the Commission's observations of non-disclosure. The objections raised against the fresh reassessment were without basis. The Court recalled its interim order and directed the respondents to continue and pass the final assessment order based on the reassessment proceedings initiated under the fresh notice, following due process as per law.
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