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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HC determined that penalty u/s 271B for delayed filing of tax returns and audit report was not warranted. Though delay in Appellant's case exceeded that of sister concerns, legitimate circumstances justified it. Post-filing of accounts for AY 1985-86, raids and seizures impeded timely submission of audit report. Appellant demonstrated diligence by obtaining seized books and engaging chartered accountants. Report was prepared on December 8, 1988, and filed next day. Court considered additional mitigating factors beyond those accepted in sister concerns' cases. Revenue's acceptance of returns indicated no fiscal loss. Mere delay, when explained by genuine difficulties and eventual compliance, does not merit penalty imposition. Appeal allowed in assessee's favor.
HC determined that penalty u/s 271B for delayed filing of tax returns and audit report was not warranted. Though delay in Appellant's case exceeded that of sister concerns, legitimate circumstances justified it. Post-filing of accounts for AY 1985-86, raids and seizures impeded timely submission of audit report. Appellant demonstrated diligence by obtaining seized books and engaging chartered accountants. Report was prepared on December 8, 1988, and filed next day. Court considered additional mitigating factors beyond those accepted in sister concerns' cases. Revenue's acceptance of returns indicated no fiscal loss. Mere delay, when explained by genuine difficulties and eventual compliance, does not merit penalty imposition. Appeal allowed in assessee's favor.
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