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 Central Board of Direct Taxes exercised powers under section 119 of the Income-tax Act, 1961 to relax time limits for processing electronically filed income tax returns that were previously condoned for late filing under section 119(2)(b). The Board directed that valid returns filed electronically by 31.03.2024 pursuant to delay condonation orders, where intimation deadlines under section 143(1) had lapsed due to technical issues, shall now be processed with intimations sent by 31.03.2026. This relaxation excludes cases where assessment, reassessment, or revision proceedings have been completed for the relevant assessment year. Refunds with applicable interest will follow processing, except where PAN-Aadhaar linkage is absent. The order addresses grievances regarding non-receipt of refunds due to unprocessed returns.
The Central Board of Direct Taxes exercised powers under section 119 of the Income-tax Act, 1961 to relax time limits for processing electronically filed income tax returns that were previously condoned for late filing under section 119(2)(b). The Board directed that valid returns filed electronically by 31.03.2024 pursuant to delay condonation orders, where intimation deadlines under section 143(1) had lapsed due to technical issues, shall now be processed with intimations sent by 31.03.2026. This relaxation excludes cases where assessment, reassessment, or revision proceedings have been completed for the relevant assessment year. Refunds with applicable interest will follow processing, except where PAN-Aadhaar linkage is absent. The order addresses grievances regarding non-receipt of refunds due to unprocessed returns.
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