Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
HC allowed the petition challenging the rejection of condonation of delay in income tax return filing. The court found the respondent authorities failed to consider that the compensation received was tax-exempt, and the petitioner was entitled to a TDS refund. By invoking Section 119 powers, the court quashed the impugned order, recognizing the legislative intent to prevent unnecessary hardships for assessees in claiming legitimate refunds. The decision emphasizes procedural fairness and taxpayer rights in tax assessment processes.
HC allowed the petition challenging the rejection of condonation of delay in income tax return filing. The court found the respondent authorities failed to consider that the compensation received was tax-exempt, and the petitioner was entitled to a TDS refund. By invoking Section 119 powers, the court quashed the impugned order, recognizing the legislative intent to prevent unnecessary hardships for assessees in claiming legitimate refunds. The decision emphasizes procedural fairness and taxpayer rights in tax assessment processes.
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