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 allowed the appeal, holding that Circular No. 13/2019 validly extended the deadline for filing financial statements for the FY ending 31.03.2019 to 30.11.2019 without levy of additional fees. The Court clarified that Section 137(1) and Section 403 mandate timely submission with prescribed fees, but the Circular and the proviso to Section 403 confer entitlement to file without additional fees up to 30.11.2019. Any filing beyond this date attracts additional fees at Rs.100 per day. The appellants acknowledged liability for fees accruing from 01.12.2019 onwards. The respondents were directed to calculate the additional fees accordingly for the delay post 30.11.2019. Thus, the excess fees charged for filings within the extended period were rightly rejected, and the appellants were held liable only for fees due for delays beyond the extended deadline.
The HC allowed the appeal, holding that Circular No. 13/2019 validly extended the deadline for filing financial statements for the FY ending 31.03.2019 to 30.11.2019 without levy of additional fees. The Court clarified that Section 137(1) and Section 403 mandate timely submission with prescribed fees, but the Circular and the proviso to Section 403 confer entitlement to file without additional fees up to 30.11.2019. Any filing beyond this date attracts additional fees at Rs.100 per day. The appellants acknowledged liability for fees accruing from 01.12.2019 onwards. The respondents were directed to calculate the additional fees accordingly for the delay post 30.11.2019. Thus, the excess fees charged for filings within the extended period were rightly rejected, and the appellants were held liable only for fees due for delays beyond the extended deadline.
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