Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
The ITAT upheld the AO's jurisdiction to conduct comprehensive scrutiny beyond the initial reasons for case selection, dismissing the assessee's objection. The Tribunal held that development charges received are revenue receipts, with no legal restriction on their utilization as prescribed by the government. Claims for TDS application of income and loan repayment as application of income were remanded for factual verification by the AO, directing allowance if conditions are met. The Tribunal ruled that the restriction on setting off brought forward deficits under Explanation 5 to section 11(1) is prospective, permitting set off for the relevant year subject to verification. The issue of GST/ST deduction was remanded for AO's verification to determine its applicability as application of income.
The ITAT upheld the AO's jurisdiction to conduct comprehensive scrutiny beyond the initial reasons for case selection, dismissing the assessee's objection. The Tribunal held that development charges received are revenue receipts, with no legal restriction on their utilization as prescribed by the government. Claims for TDS application of income and loan repayment as application of income were remanded for factual verification by the AO, directing allowance if conditions are met. The Tribunal ruled that the restriction on setting off brought forward deficits under Explanation 5 to section 11(1) is prospective, permitting set off for the relevant year subject to verification. The issue of GST/ST deduction was remanded for AO's verification to determine its applicability as application of income.
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