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 for an AO to assume jurisdiction under Section 153C, the incriminating material seized during a search must have a direct bearing on the total income of the non-searched person. The court emphasized that the AO must be satisfied that the seized books, documents, or assets relate to the income determination of the other person before issuing a notice under Section 153C. Mere presence of information concerning the non-searched person in the seized material is insufficient without this satisfaction. The contention that the AO need not be satisfied about the bearing of the information on the non-searched person's income was rejected as contrary to the statutory language. Consequently, the impugned notice(s) issued under Section 153C were quashed.
The HC held that for an AO to assume jurisdiction under Section 153C, the incriminating material seized during a search must have a direct bearing on the total income of the non-searched person. The court emphasized that the AO must be satisfied that the seized books, documents, or assets relate to the income determination of the other person before issuing a notice under Section 153C. Mere presence of information concerning the non-searched person in the seized material is insufficient without this satisfaction. The contention that the AO need not be satisfied about the bearing of the information on the non-searched person's income was rejected as contrary to the statutory language. Consequently, the impugned notice(s) issued under Section 153C were quashed.
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