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 ITAT upheld the CIT(A)'s order deleting the penalty levied by the AO u/s 271DA for alleged violation of Section 269ST. The ITAT observed that the AO had aggregated different cash sales bills raised at different times by different sales executives, without establishing that the bills were raised for sales to a single person exceeding Rs. 2 lakhs in a day. The ITAT held that Section 269ST prohibits receiving cash of Rs. 2 lakhs or more from a single person in a single day, and the violation is connected with the payer's identity, which the AO failed to conclusively prove. The mere presumption of aggregate cash sales exceeding Rs. 2 lakhs was insufficient to establish a violation.
The ITAT upheld the CIT(A)'s order deleting the penalty levied by the AO u/s 271DA for alleged violation of Section 269ST. The ITAT observed that the AO had aggregated different cash sales bills raised at different times by different sales executives, without establishing that the bills were raised for sales to a single person exceeding Rs. 2 lakhs in a day. The ITAT held that Section 269ST prohibits receiving cash of Rs. 2 lakhs or more from a single person in a single day, and the violation is connected with the payer's identity, which the AO failed to conclusively prove. The mere presumption of aggregate cash sales exceeding Rs. 2 lakhs was insufficient to establish a violation.
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