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 ITAT addressed penalty proceedings u/s 271(1)(c) involving alleged bogus purchases. Despite initial additions for estimated profits, the Tribunal found inconsistencies in penalty levy across assessment years. Applying the doctrine of binding precedent and referencing SC precedent in Reliance Petroproducts, the Tribunal held that a mere unsustainable claim does not automatically constitute furnishing inaccurate particulars. The Tribunal emphasized that without specific findings of incorrect or false return details, penalty imposition was unwarranted. Consequently, the appeals challenging penalty orders for AYs 2008-09 and 2009-10 were allowed, setting aside the CIT(A)'s earlier confirmations and maintaining consistency with the 2007-08 assessment year's order.
The ITAT addressed penalty proceedings u/s 271(1)(c) involving alleged bogus purchases. Despite initial additions for estimated profits, the Tribunal found inconsistencies in penalty levy across assessment years. Applying the doctrine of binding precedent and referencing SC precedent in Reliance Petroproducts, the Tribunal held that a mere unsustainable claim does not automatically constitute furnishing inaccurate particulars. The Tribunal emphasized that without specific findings of incorrect or false return details, penalty imposition was unwarranted. Consequently, the appeals challenging penalty orders for AYs 2008-09 and 2009-10 were allowed, setting aside the CIT(A)'s earlier confirmations and maintaining consistency with the 2007-08 assessment year's order.
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