Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
ITAT remanded certain TP issues to the AO/TPO: additional evidence submitted by the assessee must be verified and the TPO shall determine benefit and compute ALP adopting TNMM in accordance with s.92C and Rules 10B/10C, affording the assessee hearing. The TPO exceeded jurisdiction by itemising assets in a slump sale and applying s.50C; the Tribunal directed acceptance of DCF valuation and the Form 3CEA fair value under s.50B. Selection of specified comparables for IPS division was upheld. Reimbursements by the assessee to its AE are cost-to-cost with no separate mark-up. Disallowance of provisions for contract losses was sustained; reversal is partly allowed subject to AO's verification of creation year and linkage to the disallowed provision.
ITAT remanded certain TP issues to the AO/TPO: additional evidence submitted by the assessee must be verified and the TPO shall determine benefit and compute ALP adopting TNMM in accordance with s.92C and Rules 10B/10C, affording the assessee hearing. The TPO exceeded jurisdiction by itemising assets in a slump sale and applying s.50C; the Tribunal directed acceptance of DCF valuation and the Form 3CEA fair value under s.50B. Selection of specified comparables for IPS division was upheld. Reimbursements by the assessee to its AE are cost-to-cost with no separate mark-up. Disallowance of provisions for contract losses was sustained; reversal is partly allowed subject to AO's verification of creation year and linkage to the disallowed provision.
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