Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
Page of 4803
Press 'Enter' after typing page number.
581 to 600 of 96046 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT deleted the addition made by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] regarding the adjustment u/s 92CA(3) of the Income Tax Act. The issue pertained to the treatment of a guarantee/standby letter of credit issued by Standard Chartered Bank, New Delhi, as an international transaction. The CIT(A) had upheld the AO's action of adopting an average rate of 2.22% based on rates of nine banks for making the adjustment u/s 92CA(3), instead of the suo-moto adjustment made by the assessee based on the actual cost incurred. The ITAT, considering the voluntary adjustment of 0.94% made by the assessee based on the actual amount paid to Standard Chartered Bank for the bank guarantee, and the smallness of the amount involved, deleted the addition made by the AO to put an end to the litigation.
The ITAT deleted the addition made by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] regarding the adjustment u/s 92CA(3) of the Income Tax Act. The issue pertained to the treatment of a guarantee/standby letter of credit issued by Standard Chartered Bank, New Delhi, as an international transaction. The CIT(A) had upheld the AO's action of adopting an average rate of 2.22% based on rates of nine banks for making the adjustment u/s 92CA(3), instead of the suo-moto adjustment made by the assessee based on the actual cost incurred. The ITAT, considering the voluntary adjustment of 0.94% made by the assessee based on the actual amount paid to Standard Chartered Bank for the bank guarantee, and the smallness of the amount involved, deleted the addition made by the AO to put an end to the litigation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
