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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The HC dismissed Revenue's appeal and upheld the Tribunal's orders: it affirmed that, in light of the SC precedent, the assessee is entitled to deduction under s.80IA(4) for power generated for captive consumption and that the market value may be determined by reference to comparable State Electricity Board rates, yielding a higher deduction where profits are higher. On interest disallowances under s.36(1)(iii) and s.14A, the HC agreed with the Tribunal that the blanket 10% disallowance was impermissible where borrowed funds were not shown to finance dividend-earning investments, and sustained the Tribunal's factual disallowance of Rs.91.80 lakh; it also accepted the consensual Rs.5 lakh disallowance in respect of other administrative expenses.
The HC dismissed Revenue's appeal and upheld the Tribunal's orders: it affirmed that, in light of the SC precedent, the assessee is entitled to deduction under s.80IA(4) for power generated for captive consumption and that the market value may be determined by reference to comparable State Electricity Board rates, yielding a higher deduction where profits are higher. On interest disallowances under s.36(1)(iii) and s.14A, the HC agreed with the Tribunal that the blanket 10% disallowance was impermissible where borrowed funds were not shown to finance dividend-earning investments, and sustained the Tribunal's factual disallowance of Rs.91.80 lakh; it also accepted the consensual Rs.5 lakh disallowance in respect of other administrative expenses.
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