Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
ITAT allowed the appeal of the assessee and set aside the assessing officer's rejection of books and deemed income estimate of 2% of sales, holding that the assessee operated as a pass-through processor with negligible control and thin purchase-commission margins. The Tribunal found the assessee regularly declared gross profit of c.0.29% and noted the AO ought to have examined the buyer group by issuing notice under s.133(6). Having regard to comparable precedents and the assessee's scale vis-Ã -vis large group operations, the ITAT fixed estimated profit at 0.40% of gross sales and directed consequential relief, thereby allowing the appeal.
ITAT allowed the appeal of the assessee and set aside the assessing officer's rejection of books and deemed income estimate of 2% of sales, holding that the assessee operated as a pass-through processor with negligible control and thin purchase-commission margins. The Tribunal found the assessee regularly declared gross profit of c.0.29% and noted the AO ought to have examined the buyer group by issuing notice under s.133(6). Having regard to comparable precedents and the assessee's scale vis-Ã -vis large group operations, the ITAT fixed estimated profit at 0.40% of gross sales and directed consequential relief, thereby allowing the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
