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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ITAT allowed the appeal regarding denial of exemption under section 11 for non-submission of audit report in Form 10B within prescribed time limits. The tribunal found that audit report was uploaded before the due date under section 139(4), though filed after the return. Relying on precedents from Gujarat HC in Anjana Foundation and ITAT Kolkata in Bangarh Educational Welfare Trust, the tribunal held that filing audit report constitutes a procedural requirement rather than substantive compliance. The delay was attributed to COVID-19 pandemic restrictions. ITAT directed the assessing officer to decide the section 11 exemption claim after accepting the belatedly filed Form 10B, treating procedural lapses as curable defects rather than fatal non-compliance warranting exemption denial.
ITAT allowed the appeal regarding denial of exemption under section 11 for non-submission of audit report in Form 10B within prescribed time limits. The tribunal found that audit report was uploaded before the due date under section 139(4), though filed after the return. Relying on precedents from Gujarat HC in Anjana Foundation and ITAT Kolkata in Bangarh Educational Welfare Trust, the tribunal held that filing audit report constitutes a procedural requirement rather than substantive compliance. The delay was attributed to COVID-19 pandemic restrictions. ITAT directed the assessing officer to decide the section 11 exemption claim after accepting the belatedly filed Form 10B, treating procedural lapses as curable defects rather than fatal non-compliance warranting exemption denial.
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