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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ITAT upholds validity of the assessment proceedings: the notice under s.143(2) and accompanying questionnaire were issued after application of mind and are not mechanical; therefore grounds challenging re-assessment notice and service are dismissed. Procedural fairness is affirmed - multiple opportunities to be heard were afforded and no infirmity found. The contention regarding non-acknowledgement of ITR-V was rejected under the principle in s.292B for participating in proceedings without contemporaneous objection. Non-supply of reasons recorded was not fatal where no formal request was made. Substantive relief granted: long-term capital gains from sale of ancestral land must be assessed in HUF capacity, not in the individual's hands. Addition treating declared agricultural income as undisclosed is upheld.
ITAT upholds validity of the assessment proceedings: the notice under s.143(2) and accompanying questionnaire were issued after application of mind and are not mechanical; therefore grounds challenging re-assessment notice and service are dismissed. Procedural fairness is affirmed - multiple opportunities to be heard were afforded and no infirmity found. The contention regarding non-acknowledgement of ITR-V was rejected under the principle in s.292B for participating in proceedings without contemporaneous objection. Non-supply of reasons recorded was not fatal where no formal request was made. Substantive relief granted: long-term capital gains from sale of ancestral land must be assessed in HUF capacity, not in the individual's hands. Addition treating declared agricultural income as undisclosed is upheld.
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