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 taxability of fraudulent income earned by the assessee through forgery and defrauding the government. Despite recovering the entire amount, the income accrued to the assessee and was utilized for economic gains like investments, making it taxable in the year of accrual under the Income-tax Act, 1961. The doctrine of real income requires taxation at accrual, irrespective of later recovery or repayment. Deductions claimed for subsequent recovery were disallowed as they did not qualify as expenses incurred for earning taxable income u/s 57. The prosecution initiated u/s 277 was for making false statements, separate from the taxability aspect. The order confirmed the addition of fraudulent income and denial of deductions for recovery.
The ITAT upheld the taxability of fraudulent income earned by the assessee through forgery and defrauding the government. Despite recovering the entire amount, the income accrued to the assessee and was utilized for economic gains like investments, making it taxable in the year of accrual under the Income-tax Act, 1961. The doctrine of real income requires taxation at accrual, irrespective of later recovery or repayment. Deductions claimed for subsequent recovery were disallowed as they did not qualify as expenses incurred for earning taxable income u/s 57. The prosecution initiated u/s 277 was for making false statements, separate from the taxability aspect. The order confirmed the addition of fraudulent income and denial of deductions for recovery.
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