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...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The ITAT held that under Section 80JJAA(2)(c), the report of the accountant in Form 10DA must be furnished by the due date specified under Section 44AB, which was 30/09/2023 in the present case. Despite inconsistency between the Income Tax Act and Rules, the Act prevails. The tribunal recognized the mandatory nature of submitting the accountant's report but treated the timing of filing as procedural. Since the report was available to the AO during the processing of the return under Section 143(1), denial of deduction under Section 80JJAA was unwarranted. However, as the AO did not verify the quantum of deduction, the matter was remitted for limited verification of the allowable deduction. The appeal was partly allowed for statistical purposes.
The ITAT held that under Section 80JJAA(2)(c), the report of the accountant in Form 10DA must be furnished by the due date specified under Section 44AB, which was 30/09/2023 in the present case. Despite inconsistency between the Income Tax Act and Rules, the Act prevails. The tribunal recognized the mandatory nature of submitting the accountant's report but treated the timing of filing as procedural. Since the report was available to the AO during the processing of the return under Section 143(1), denial of deduction under Section 80JJAA was unwarranted. However, as the AO did not verify the quantum of deduction, the matter was remitted for limited verification of the allowable deduction. The appeal was partly allowed for statistical purposes.
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