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 ITAT held that the adjustment relating to employees' contributions amounting to Rs. 6.69 lakhs was unjustified since the assessee had not claimed deduction under section 80C in earlier years, thereby negating the applicability of Rule 9 of Part A of the Fourth Schedule. Consequently, the addition on this account was deleted. However, withdrawals from the EPF account, including interest on employee contributions, were taxable as the assessee did not satisfy the five-year qualifying period. Items already offered to tax in the return were accepted, and the adjustment relating to the taxable withdrawal was upheld. Thus, the tribunal allowed deletion of the addition concerning unclaimed 80C deductions but confirmed taxability of EPF withdrawals and related interest.
The ITAT held that the adjustment relating to employees' contributions amounting to Rs. 6.69 lakhs was unjustified since the assessee had not claimed deduction under section 80C in earlier years, thereby negating the applicability of Rule 9 of Part A of the Fourth Schedule. Consequently, the addition on this account was deleted. However, withdrawals from the EPF account, including interest on employee contributions, were taxable as the assessee did not satisfy the five-year qualifying period. Items already offered to tax in the return were accepted, and the adjustment relating to the taxable withdrawal was upheld. Thus, the tribunal allowed deletion of the addition concerning unclaimed 80C deductions but confirmed taxability of EPF withdrawals and related interest.
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