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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ITAT quashed penalties under sections 271D and 271E for accepting cash loans of Rs. 17,00,000 in violation of section 269SS. Tribunal considered assessee's circumstances as middle-class, uneducated individual who received loans from agriculturists seeking anonymity due to CBI concerns. Reasonable cause was established given the timing of loans immediately after CBI actions and assessee's dire financial need. The subsequent cash repayment was made on lender's insistence. Given these mitigating factors and genuine circumstances, ITAT determined penalties were not warranted under sections 271D and 271E read with section 274, setting aside JCIT's penalty orders.
ITAT quashed penalties under sections 271D and 271E for accepting cash loans of Rs. 17,00,000 in violation of section 269SS. Tribunal considered assessee's circumstances as middle-class, uneducated individual who received loans from agriculturists seeking anonymity due to CBI concerns. Reasonable cause was established given the timing of loans immediately after CBI actions and assessee's dire financial need. The subsequent cash repayment was made on lender's insistence. Given these mitigating factors and genuine circumstances, ITAT determined penalties were not warranted under sections 271D and 271E read with section 274, setting aside JCIT's penalty orders.
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