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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The HC quashed the reopening of assessment under section 147, finding that the tax authorities recorded reasons without examining the assessee's records or addressing objections. Regarding wage revision provisions under section 115JB, the Court noted that CIT(A) had already deleted this addition with the AO's concurrence before reopening was initiated. On interest on non-performing investments, the Court held that banking companies are governed by Banking Regulation Act, not Schedule III of Companies Act, 2013. Concerning deductions under section 36(1)(viia), the Court found this issue was previously examined during original assessment proceedings. The Court concluded the reopening constituted an impermissible review based on change of opinion, and the order disposing of objections lacked proper reasoning.
The HC quashed the reopening of assessment under section 147, finding that the tax authorities recorded reasons without examining the assessee's records or addressing objections. Regarding wage revision provisions under section 115JB, the Court noted that CIT(A) had already deleted this addition with the AO's concurrence before reopening was initiated. On interest on non-performing investments, the Court held that banking companies are governed by Banking Regulation Act, not Schedule III of Companies Act, 2013. Concerning deductions under section 36(1)(viia), the Court found this issue was previously examined during original assessment proceedings. The Court concluded the reopening constituted an impermissible review based on change of opinion, and the order disposing of objections lacked proper reasoning.
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