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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 reversed the disallowance of professional expenses under section 37(1), holding that the assessee discharged the evidentiary burden by furnishing uncontested proof of genuine payments to corporate entities. The failure to serve notice under section 133(6) to third parties did not justify deeming the payments non-genuine. The Tribunal relied on precedents affirming that non-appearance of payees does not warrant adverse inference against the assessee. It was further noted that the assessee operated solely as a commission agent and not as a trader. Consequently, the grounds raised by the assessee were allowed, and the disallowance was set aside.
The ITAT reversed the disallowance of professional expenses under section 37(1), holding that the assessee discharged the evidentiary burden by furnishing uncontested proof of genuine payments to corporate entities. The failure to serve notice under section 133(6) to third parties did not justify deeming the payments non-genuine. The Tribunal relied on precedents affirming that non-appearance of payees does not warrant adverse inference against the assessee. It was further noted that the assessee operated solely as a commission agent and not as a trader. Consequently, the grounds raised by the assessee were allowed, and the disallowance was set aside.
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