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 held that the final assessment order pursuant to the ITAT's direction dated 20.07.2012 for AY 2007-08 was not passed within the prescribed limitation period. Consequently, any further proceedings before the AO are time-barred. The Revenue's failure to file a counter affidavit and the untraceability of relevant files reinforced the conclusion that the assessment process was invalid. The Court directed acceptance of the petitioner's return and ordered the refund of the claimed amount along with any further payments made, including interest as per law. This decision aligns with established precedent on limitation in assessment proceedings.
The HC held that the final assessment order pursuant to the ITAT's direction dated 20.07.2012 for AY 2007-08 was not passed within the prescribed limitation period. Consequently, any further proceedings before the AO are time-barred. The Revenue's failure to file a counter affidavit and the untraceability of relevant files reinforced the conclusion that the assessment process was invalid. The Court directed acceptance of the petitioner's return and ordered the refund of the claimed amount along with any further payments made, including interest as per law. This decision aligns with established precedent on limitation in assessment proceedings.
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