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 held that when computing capital gains for inherited/gifted property acquired pre-1981, the "first year asset held" refers to original ownership by previous owner, not date of gift transfer. Assessee correctly computed indexed cost of acquisition from April 2001 base date. Regarding property valuation, comparative sale instances must consider full ownership rights - 25% undivided share properties require upward adjustment. AO's determination of indexed acquisition cost was reasonable after examining documentation and explanations. The assessment order represented a plausible interpretation that was neither erroneous nor prejudicial to Revenue's interests. PCIT's revision under s.263 was unsustainable. Assessee's appeal allowed.
ITAT held that when computing capital gains for inherited/gifted property acquired pre-1981, the "first year asset held" refers to original ownership by previous owner, not date of gift transfer. Assessee correctly computed indexed cost of acquisition from April 2001 base date. Regarding property valuation, comparative sale instances must consider full ownership rights - 25% undivided share properties require upward adjustment. AO's determination of indexed acquisition cost was reasonable after examining documentation and explanations. The assessment order represented a plausible interpretation that was neither erroneous nor prejudicial to Revenue's interests. PCIT's revision under s.263 was unsustainable. Assessee's appeal allowed.
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