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 quashed the additions made under section 153A, finding procedural and substantive illegalities. The tribunal held that incriminating documents were discovered during a search of a distinct taxable entity, not the assessee's premises. The assessment order was invalid due to improper invocation of section 292C and lack of opportunity for cross-examination. The tribunal emphasized that creating liability based on another entity's statements requires rigorous procedural safeguards. Consequently, the tribunal allowed the assessee's appeal, deleted the disputed additions, and rejected the revenue's grounds, finding no merit in sustaining the challenged assessment.
The ITAT quashed the additions made under section 153A, finding procedural and substantive illegalities. The tribunal held that incriminating documents were discovered during a search of a distinct taxable entity, not the assessee's premises. The assessment order was invalid due to improper invocation of section 292C and lack of opportunity for cross-examination. The tribunal emphasized that creating liability based on another entity's statements requires rigorous procedural safeguards. Consequently, the tribunal allowed the assessee's appeal, deleted the disputed additions, and rejected the revenue's grounds, finding no merit in sustaining the challenged assessment.
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