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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The HC set aside the CIT(E) Hyderabad's order denying exemption u/s 12A of the IT Act for an eight-day delay in submitting Form-10B audit report under Rule 17B. The court held that the CIT failed to apply conscientious discretion and arbitrarily refused to condone the delay under Section 119(2)(b) despite genuine hardship faced by the petitioner. Emphasizing that substantial justice prevails over technical considerations, the HC ruled that mere technicality cannot defeat exemption claims. The matter was remitted to the CIT(E) for fresh consideration of the audit report and exemption application, finding the original refusal constituted arbitrary exercise of discretionary power.
The HC set aside the CIT(E) Hyderabad's order denying exemption u/s 12A of the IT Act for an eight-day delay in submitting Form-10B audit report under Rule 17B. The court held that the CIT failed to apply conscientious discretion and arbitrarily refused to condone the delay under Section 119(2)(b) despite genuine hardship faced by the petitioner. Emphasizing that substantial justice prevails over technical considerations, the HC ruled that mere technicality cannot defeat exemption claims. The matter was remitted to the CIT(E) for fresh consideration of the audit report and exemption application, finding the original refusal constituted arbitrary exercise of discretionary power.
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