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 upheld reassessment proceedings validity following precedent in Galiakot Containers, as the assessee failed to challenge the Tribunal's reopening determination favoring revenue. However, the HC ruled in favor of the assessee regarding set-off of unabsorbed depreciation and business losses against short-term capital gains. The court distinguished between Section 72(1) requiring computation "under the head profits and gains of business" versus Section 72(1)(i) permitting set-off "against profits and gains of any business." Despite capital gains being assessed under different heads, the HC determined that gains from sale of depreciable business assets retain business income characteristics, particularly regarding depreciation recoupment. The assessee manufacturing metal containers could therefore set off brought forward losses against such gains, supported by precedents from Alcon Developers and Nandi Steels.
The HC upheld reassessment proceedings validity following precedent in Galiakot Containers, as the assessee failed to challenge the Tribunal's reopening determination favoring revenue. However, the HC ruled in favor of the assessee regarding set-off of unabsorbed depreciation and business losses against short-term capital gains. The court distinguished between Section 72(1) requiring computation "under the head profits and gains of business" versus Section 72(1)(i) permitting set-off "against profits and gains of any business." Despite capital gains being assessed under different heads, the HC determined that gains from sale of depreciable business assets retain business income characteristics, particularly regarding depreciation recoupment. The assessee manufacturing metal containers could therefore set off brought forward losses against such gains, supported by precedents from Alcon Developers and Nandi Steels.
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