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 allowed the petitioner's writ petition challenging denial of income tax exemption under Section 12A due to eight-day delay in filing audit report in Form 10B under Rule 17B. The court held that exemption should not be denied merely for delayed submission of audit report, which could be produced later before the Assessing Officer or Appellate Authority with sufficient cause. Considering the COVID-19 pandemic situation in March 2022 and technical difficulties cited by petitioner, which remained uncontested by revenue, the court found the Commissioner of Income Tax (Exemption) failed to apply conscientious mind properly. The matter was remitted to the Commissioner with directions to consider the audit report and grant consequential relief to petitioner for claiming Section 12A exemption.
The HC allowed the petitioner's writ petition challenging denial of income tax exemption under Section 12A due to eight-day delay in filing audit report in Form 10B under Rule 17B. The court held that exemption should not be denied merely for delayed submission of audit report, which could be produced later before the Assessing Officer or Appellate Authority with sufficient cause. Considering the COVID-19 pandemic situation in March 2022 and technical difficulties cited by petitioner, which remained uncontested by revenue, the court found the Commissioner of Income Tax (Exemption) failed to apply conscientious mind properly. The matter was remitted to the Commissioner with directions to consider the audit report and grant consequential relief to petitioner for claiming Section 12A exemption.
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