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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HC allowed petition filed by NRI petitioner seeking TDS refund despite delayed ITR filing. Petitioner, residing in London and Northern Ireland with OCI status, contended Covid-19 pandemic and travel restrictions prevented timely consultation with Indian tax advisors for filing returns. Court held respondent failed to consider petitioner's non-resident status and genuine hardship caused by pandemic-related travel restrictions. Since petitioner had no statutory obligation to file returns for immovable property sale transactions as non-resident, and demonstrated bona fide reasons for delay, respondent should have exercised discretionary jurisdiction under Section 119(2)(b) liberally. Denial would result in unjust enrichment of revenue and undue hardship to petitioner entitled to lawful refund. While CBDT Circular No. 9 of 2015 precludes interest on delayed refund, petitioner retains substantive right to principal refund amount per equity and good conscience principles.
HC allowed petition filed by NRI petitioner seeking TDS refund despite delayed ITR filing. Petitioner, residing in London and Northern Ireland with OCI status, contended Covid-19 pandemic and travel restrictions prevented timely consultation with Indian tax advisors for filing returns. Court held respondent failed to consider petitioner's non-resident status and genuine hardship caused by pandemic-related travel restrictions. Since petitioner had no statutory obligation to file returns for immovable property sale transactions as non-resident, and demonstrated bona fide reasons for delay, respondent should have exercised discretionary jurisdiction under Section 119(2)(b) liberally. Denial would result in unjust enrichment of revenue and undue hardship to petitioner entitled to lawful refund. While CBDT Circular No. 9 of 2015 precludes interest on delayed refund, petitioner retains substantive right to principal refund amount per equity and good conscience principles.
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