Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT partly allowed the appeal of the assessee: for transfer pricing the AO is directed to adopt interest on outstanding receivables from AEs at LIBOR + 2% (TPO's LIBOR + 4% disallowed); corporate guarantee commission benchmarking limited to 0.5%; addition for alleged bogus purchases reduced and confirmed only to the actual transaction amount of Rs. 7,22,178 with directions to give effect. Claim for deduction under s.35(2AB) (R&D) is restored to the file of the AO for fresh adjudication in light of Form 3CL dated 20.08.2024. Donations from CSR funds are permitted for s.80G deduction subject to statutory eligibility and verification by the AO; matter remitted for fresh decision.
The ITAT partly allowed the appeal of the assessee: for transfer pricing the AO is directed to adopt interest on outstanding receivables from AEs at LIBOR + 2% (TPO's LIBOR + 4% disallowed); corporate guarantee commission benchmarking limited to 0.5%; addition for alleged bogus purchases reduced and confirmed only to the actual transaction amount of Rs. 7,22,178 with directions to give effect. Claim for deduction under s.35(2AB) (R&D) is restored to the file of the AO for fresh adjudication in light of Form 3CL dated 20.08.2024. Donations from CSR funds are permitted for s.80G deduction subject to statutory eligibility and verification by the AO; matter remitted for fresh decision.
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