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 HC quashed the reopening of assessment under section 147 as the Department failed to establish that the assessee had not made a full and true disclosure of material facts at the original assessment stage. The Court relied on several SC precedents including Kelvinator, Bimal Kumar Damani, and Calcutta Discount Co. Ltd. to determine that assumption of jurisdiction under section 147 was bad in law when initiated beyond the four-year limitation period without proving failure of disclosure by the assessee. Regarding write-off of bad debts amounting to Rs. 4.94 crores (restricted to Rs. 4.07 crores), the Court allowed the claim applying the ratio in TRF Ltd., rejecting the lower court's direction to relegate the assessee to appeal remedies.
The HC quashed the reopening of assessment under section 147 as the Department failed to establish that the assessee had not made a full and true disclosure of material facts at the original assessment stage. The Court relied on several SC precedents including Kelvinator, Bimal Kumar Damani, and Calcutta Discount Co. Ltd. to determine that assumption of jurisdiction under section 147 was bad in law when initiated beyond the four-year limitation period without proving failure of disclosure by the assessee. Regarding write-off of bad debts amounting to Rs. 4.94 crores (restricted to Rs. 4.07 crores), the Court allowed the claim applying the ratio in TRF Ltd., rejecting the lower court's direction to relegate the assessee to appeal remedies.
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