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 set aside the penalty imposed under section 43 read with section 46 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015, on the appellant for non-disclosure of foreign income in the FA schedule for AY 2015-16. The appellant had disclosed the foreign pension income and the corresponding tax paid in the computation of total income. The department did not dispute the pension nature of the amount or the tax payment. Given the disclosure and absence of departmental opposition, the Tribunal held that the penalty under section 43 was not warranted. The orders of the CIT(A) and the Assessing Officer imposing the penalty were accordingly set aside.
The ITAT set aside the penalty imposed under section 43 read with section 46 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015, on the appellant for non-disclosure of foreign income in the FA schedule for AY 2015-16. The appellant had disclosed the foreign pension income and the corresponding tax paid in the computation of total income. The department did not dispute the pension nature of the amount or the tax payment. Given the disclosure and absence of departmental opposition, the Tribunal held that the penalty under section 43 was not warranted. The orders of the CIT(A) and the Assessing Officer imposing the penalty were accordingly set aside.
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