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...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
ITAT held that the invocation of revisional jurisdiction under s.263 by CIT(E) was unsustainable and set aside the impugned revisional order. The Tribunal found that the assessee operates as a mutual concern and, absent any AO finding to the contrary or a claim of depreciation by the assessee, surplus within mutuality is not taxable and s.50 could not be applied to treat the sale of the office premises as generating short-term capital gain. Consequently, there was no requirement for the AO to make further inquiry; the assessment order was restored and the assessee's appeal was allowed.
ITAT held that the invocation of revisional jurisdiction under s.263 by CIT(E) was unsustainable and set aside the impugned revisional order. The Tribunal found that the assessee operates as a mutual concern and, absent any AO finding to the contrary or a claim of depreciation by the assessee, surplus within mutuality is not taxable and s.50 could not be applied to treat the sale of the office premises as generating short-term capital gain. Consequently, there was no requirement for the AO to make further inquiry; the assessment order was restored and the assessee's appeal was allowed.
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