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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ITAT quashed PCIT's revision order under section 263 regarding disallowance of standard asset provisions under section 36(1)(via), syndication fees for convertible cumulative preference shares under section 37(1) as capital expenditure, and rates expenses under section 40(a). The tribunal held that PCIT failed to establish twin conditions required for section 263 - that AO's order was both erroneous and prejudicial to revenue interest. AO had taken plausible view on issues raised, and assessee's representative provided relevant material establishing order was not erroneous. PCIT cannot exercise revisionary powers merely based on different perspective when original assessment order addressed issues adequately. Following Malabar Industrial Co. Ltd. precedent, revisionary jurisdiction requires satisfaction of both conditions simultaneously, which were not met in this case.
ITAT quashed PCIT's revision order under section 263 regarding disallowance of standard asset provisions under section 36(1)(via), syndication fees for convertible cumulative preference shares under section 37(1) as capital expenditure, and rates expenses under section 40(a). The tribunal held that PCIT failed to establish twin conditions required for section 263 - that AO's order was both erroneous and prejudicial to revenue interest. AO had taken plausible view on issues raised, and assessee's representative provided relevant material establishing order was not erroneous. PCIT cannot exercise revisionary powers merely based on different perspective when original assessment order addressed issues adequately. Following Malabar Industrial Co. Ltd. precedent, revisionary jurisdiction requires satisfaction of both conditions simultaneously, which were not met in this case.
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