Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
ITAT adjudicated a tax dispute involving liability write-back and potential double taxation. The tribunal examined the assessee's financial statements and found that the CPC erroneously made an adjustment under Section 41(1)(a) without recognizing that the liability was already credited and taxed in the profit and loss account. The tribunal determined the challenged addition constituted a double taxation scenario. Consequently, the tribunal allowed the assessee's appeal, directing the deletion of the impugned addition and affirming the original tax treatment of the liability write-back.
ITAT adjudicated a tax dispute involving liability write-back and potential double taxation. The tribunal examined the assessee's financial statements and found that the CPC erroneously made an adjustment under Section 41(1)(a) without recognizing that the liability was already credited and taxed in the profit and loss account. The tribunal determined the challenged addition constituted a double taxation scenario. Consequently, the tribunal allowed the assessee's appeal, directing the deletion of the impugned addition and affirming the original tax treatment of the liability write-back.
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TaxTMI 
TaxTMI 
of 4921 
