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 ITAT's decision dismissing the CIT's revision petition under Section 263 of the IT Act. The assessee claimed deductions under Sections 80IA(4), 80G, and 37(1) including freight charges and donations to Prime Minister's National Relief Fund. The ITAT found that PCIT failed to conduct independent enquiry or identify specific errors in the assessment order. The AO had exercised due diligence and applied judicial mind before passing the assessment order. Both twin conditions under Section 263 - that the order must be erroneous and prejudicial to revenue interests - were not satisfied. The HC concluded that ITAT's factual findings were neither perverse nor contrary to record, warranting no interference. The revision petition was dismissed in favor of the assessee.
The HC upheld ITAT's decision dismissing the CIT's revision petition under Section 263 of the IT Act. The assessee claimed deductions under Sections 80IA(4), 80G, and 37(1) including freight charges and donations to Prime Minister's National Relief Fund. The ITAT found that PCIT failed to conduct independent enquiry or identify specific errors in the assessment order. The AO had exercised due diligence and applied judicial mind before passing the assessment order. Both twin conditions under Section 263 - that the order must be erroneous and prejudicial to revenue interests - were not satisfied. The HC concluded that ITAT's factual findings were neither perverse nor contrary to record, warranting no interference. The revision petition was dismissed in favor of the assessee.
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