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 allowed the appeal and directed the JAO to rectify the assessment u/s.154 and delete the demand. Tribunal found, on the basis of Form 26AS and a bank certificate, that the TDS was wrongly deducted under s.194A when funds were transferred from a CGAS account to a regular savings account; the bank conceded the error and records showed corresponding entries in the capital gains account and bank statements. The Tribunal held that systemic inability of revenue systems to process an apparent error cannot prejudice the taxpayer and cannot justify sustaining an unjust demand. Consequently the rectification was ordered to be carried out by the assessing officer and the demand raised on the taxpayer was quashed.
ITAT allowed the appeal and directed the JAO to rectify the assessment u/s.154 and delete the demand. Tribunal found, on the basis of Form 26AS and a bank certificate, that the TDS was wrongly deducted under s.194A when funds were transferred from a CGAS account to a regular savings account; the bank conceded the error and records showed corresponding entries in the capital gains account and bank statements. The Tribunal held that systemic inability of revenue systems to process an apparent error cannot prejudice the taxpayer and cannot justify sustaining an unjust demand. Consequently the rectification was ordered to be carried out by the assessing officer and the demand raised on the taxpayer was quashed.
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