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 and quashed PCIT's order cancelling the assessee society's registration under section 12A. The tribunal held that PCIT lacked jurisdiction to withdraw or cancel exemption, as such powers vest exclusively with the "prescribed authority" - the CIT(Exemption) under Notifications 52/2014 and 53/2014. Despite incriminating documents found during third-party searches indicating non-genuine activities and fund diversion, the procedural error was fatal. Additionally, show cause notices dated 05.07.2023 and 16.08.2023 were found erroneous under section 12AA(5) provisions applicable post-01.04.2021. The tribunal relied on coordinate bench precedent in Lakhmi Chand Charitable Society case. Since the show cause notices were legally non-existent, the entire proceedings were deemed founded on wrong legal basis and set aside.
ITAT allowed the appeal and quashed PCIT's order cancelling the assessee society's registration under section 12A. The tribunal held that PCIT lacked jurisdiction to withdraw or cancel exemption, as such powers vest exclusively with the "prescribed authority" - the CIT(Exemption) under Notifications 52/2014 and 53/2014. Despite incriminating documents found during third-party searches indicating non-genuine activities and fund diversion, the procedural error was fatal. Additionally, show cause notices dated 05.07.2023 and 16.08.2023 were found erroneous under section 12AA(5) provisions applicable post-01.04.2021. The tribunal relied on coordinate bench precedent in Lakhmi Chand Charitable Society case. Since the show cause notices were legally non-existent, the entire proceedings were deemed founded on wrong legal basis and set aside.
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