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 rejected the petitioner's writ petition challenging reopening of tax assessment despite undergoing Corporate Insolvency Resolution Process and NCLT-approved resolution plan. The petitioner engaged in fraudulent transactions involving eight contracts with identical purchase-sale quantities, significant price variations, momentary time gaps between trades, and repeated trading in thinly-traded deep in/out-of-money options, resulting in alleged tax evasion exceeding Rs. 3 crores for AY 2024-15. While recovery proceedings post-resolution plan approval are impermissible, reassessment remains legally permissible. The Court emphasized that CIRP cannot shield deliberate tax evasion or illegalities, and authorities may scrutinize transactions and pursue proceedings against responsible directors. The petition was dismissed, reserving petitioner's rights under Income Tax Act provisions.
The HC rejected the petitioner's writ petition challenging reopening of tax assessment despite undergoing Corporate Insolvency Resolution Process and NCLT-approved resolution plan. The petitioner engaged in fraudulent transactions involving eight contracts with identical purchase-sale quantities, significant price variations, momentary time gaps between trades, and repeated trading in thinly-traded deep in/out-of-money options, resulting in alleged tax evasion exceeding Rs. 3 crores for AY 2024-15. While recovery proceedings post-resolution plan approval are impermissible, reassessment remains legally permissible. The Court emphasized that CIRP cannot shield deliberate tax evasion or illegalities, and authorities may scrutinize transactions and pursue proceedings against responsible directors. The petition was dismissed, reserving petitioner's rights under Income Tax Act provisions.
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