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 ruled in favor of the assessee regarding deductions under Section 40A(7)(b) for contributions made to an approved gratuity fund with LIC. The Court determined that Section 40A(7) overrides Section 43B when stipulations under clauses (a) and (b) are satisfied. Documentation established that the assessee's payments were made to a properly approved LIC gratuity fund, as evidenced by the original trust deed effective from 1.1.1978 and approved by the CIT on 23.05.1979. A significant variation approved on 15.3.1988 extended coverage to subsidiaries/associates of Chemicals and Plastics Limited, effectively bringing the assessee under the approved fund's protection. The Department had previously accepted identical documentation and granted similar claims for both previous and subsequent assessment years.
The HC ruled in favor of the assessee regarding deductions under Section 40A(7)(b) for contributions made to an approved gratuity fund with LIC. The Court determined that Section 40A(7) overrides Section 43B when stipulations under clauses (a) and (b) are satisfied. Documentation established that the assessee's payments were made to a properly approved LIC gratuity fund, as evidenced by the original trust deed effective from 1.1.1978 and approved by the CIT on 23.05.1979. A significant variation approved on 15.3.1988 extended coverage to subsidiaries/associates of Chemicals and Plastics Limited, effectively bringing the assessee under the approved fund's protection. The Department had previously accepted identical documentation and granted similar claims for both previous and subsequent assessment years.
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