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 against rejection of registration under section 12AB. The assessee trust filed Form 10AB within the extended deadline of 30.06.2024 but incorrectly cited item (B) of sub-clause (vi) instead of section 12A(1)(ac)(iii). The rejection was based solely on this procedural error. ITAT held that CBDT Circular No. 7/2024 provides remedial framework for such inadvertent non-compliance in evolving regulatory environment. The trust's charitable activities were never questioned, and it previously held provisional registration. Applying substance over form doctrine, ITAT ruled that procedural lapses should not defeat substantive entitlements of bona fide charitable trusts. The rejection order was set aside and matter remanded to CIT(Exemption) for fresh consideration, emphasizing that technical defects cannot override genuine compliance intentions.
ITAT allowed the appeal against rejection of registration under section 12AB. The assessee trust filed Form 10AB within the extended deadline of 30.06.2024 but incorrectly cited item (B) of sub-clause (vi) instead of section 12A(1)(ac)(iii). The rejection was based solely on this procedural error. ITAT held that CBDT Circular No. 7/2024 provides remedial framework for such inadvertent non-compliance in evolving regulatory environment. The trust's charitable activities were never questioned, and it previously held provisional registration. Applying substance over form doctrine, ITAT ruled that procedural lapses should not defeat substantive entitlements of bona fide charitable trusts. The rejection order was set aside and matter remanded to CIT(Exemption) for fresh consideration, emphasizing that technical defects cannot override genuine compliance intentions.
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