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 ITAT held that the Black Money Act, 2015 would be applicable from AY 2016-17 onwards. Hence, the AO lacked jurisdiction to assess income or levy penalty under the Act for AYs 2014-15 and 2015-16. Regarding AY 2016-17, the dividend income reinvested in the Non-Retirement Fund (NRF) did not constitute undisclosed foreign income/asset as the tax was withheld as per USA laws. The penalty u/s 41 was deleted consequentially. The penalty u/s 43 was also rightly deleted by the CIT(A) considering it was the first year of the Act's implementation, the assets were from known sources with taxes paid, and the lapse was unintentional. The revenue's appeals were dismissed.
The ITAT held that the Black Money Act, 2015 would be applicable from AY 2016-17 onwards. Hence, the AO lacked jurisdiction to assess income or levy penalty under the Act for AYs 2014-15 and 2015-16. Regarding AY 2016-17, the dividend income reinvested in the Non-Retirement Fund (NRF) did not constitute undisclosed foreign income/asset as the tax was withheld as per USA laws. The penalty u/s 41 was deleted consequentially. The penalty u/s 43 was also rightly deleted by the CIT(A) considering it was the first year of the Act's implementation, the assets were from known sources with taxes paid, and the lapse was unintentional. The revenue's appeals were dismissed.
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