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...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The petitioner is liable to pay luxury tax on the charges collected for providing medical beds under the Kerala Tax on Luxuries Act, 1976, as the facility is considered a luxury experience and not a necessary requirement. The High Court upheld the assessment of tax on such receipts. However, the imposition of penalty u/s 17A was declared illegal as the petitioner had a bona fide belief regarding non-liability, and no mens rea was established. The Court also held that further additions towards omissions and suppressions in the assessment orders cannot be sustained since the actual receipts not included in the returns were already quantified in the penalty orders.
The petitioner is liable to pay luxury tax on the charges collected for providing medical beds under the Kerala Tax on Luxuries Act, 1976, as the facility is considered a luxury experience and not a necessary requirement. The High Court upheld the assessment of tax on such receipts. However, the imposition of penalty u/s 17A was declared illegal as the petitioner had a bona fide belief regarding non-liability, and no mens rea was established. The Court also held that further additions towards omissions and suppressions in the assessment orders cannot be sustained since the actual receipts not included in the returns were already quantified in the penalty orders.
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