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 quashed the PCIT's revisionary order under s.263 as beyond jurisdiction. The Tribunal held that revision cannot be predicated on an assessment under s.153A r/w s.143(3) which had been previously quashed for invalid s.153D approval, because doing so would unlawfully extend statutory limitation; a non-est order cannot be said to be erroneous or prejudicial. The AO's considered findings on excess stock (included in books) and on bad debts u/s 36(1)(vii) were not shown to be erroneous; PCIT failed to identify specific legal or factual errors or apply minds on merits. Applying sublato fundamentum cadit opus, the s.263 order was accordingly set aside.
ITAT quashed the PCIT's revisionary order under s.263 as beyond jurisdiction. The Tribunal held that revision cannot be predicated on an assessment under s.153A r/w s.143(3) which had been previously quashed for invalid s.153D approval, because doing so would unlawfully extend statutory limitation; a non-est order cannot be said to be erroneous or prejudicial. The AO's considered findings on excess stock (included in books) and on bad debts u/s 36(1)(vii) were not shown to be erroneous; PCIT failed to identify specific legal or factual errors or apply minds on merits. Applying sublato fundamentum cadit opus, the s.263 order was accordingly set aside.
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