Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
ITAT held that turnover determination for tax rate computation under Finance Act 2018 cannot adopt the definition provided under section 145A of the Income Tax Act. The controversy regarding whether turnover should include excise duty for determining applicable tax rate of 25% or 30% was resolved by following precedent established in Kluber Lubrication India case. The tribunal set aside CIT(A)'s order and directed the Assessing Officer to compute tax at 25% rate, rejecting the CPC ITD portal's computation methodology that would have resulted in higher 30% tax rate for the assessee.
ITAT held that turnover determination for tax rate computation under Finance Act 2018 cannot adopt the definition provided under section 145A of the Income Tax Act. The controversy regarding whether turnover should include excise duty for determining applicable tax rate of 25% or 30% was resolved by following precedent established in Kluber Lubrication India case. The tribunal set aside CIT(A)'s order and directed the Assessing Officer to compute tax at 25% rate, rejecting the CPC ITD portal's computation methodology that would have resulted in higher 30% tax rate for the assessee.
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TaxTMI 
TaxTMI 
of 4918 
