Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
ITAT dismissed the Revenue's appeal and partly allowed the assessee's cross-objection. Applying TNMM, the Tribunal upheld CIT(A)'s exclusion of four large-turnover comparables as non-comparable with the assessee's small captive software/ITES segment, and directed exclusion of ICRA Techno Analytics on RPT grounds. The Tribunal held provisions for bad and doubtful debts are operating expenses and ordered margin adjustments of comparables accordingly. The AO's additional disallowance of tax provisions/MAT credit was found to cause double disallowance; AO was directed to commence income computation from profit before tax, thereby deleting the impugned disallowance. Case remitted for compliance with these directions.
ITAT dismissed the Revenue's appeal and partly allowed the assessee's cross-objection. Applying TNMM, the Tribunal upheld CIT(A)'s exclusion of four large-turnover comparables as non-comparable with the assessee's small captive software/ITES segment, and directed exclusion of ICRA Techno Analytics on RPT grounds. The Tribunal held provisions for bad and doubtful debts are operating expenses and ordered margin adjustments of comparables accordingly. The AO's additional disallowance of tax provisions/MAT credit was found to cause double disallowance; AO was directed to commence income computation from profit before tax, thereby deleting the impugned disallowance. Case remitted for compliance with these directions.
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