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...
The ITAT set aside the assessment and remanded the matter to the AO for de novo verification and adjudication. The AO is directed to verify the assessee's earlier returns and records and, if substantiated and legally allowable, permit carry-forward and set-off of unabsorbed business losses within the eight-year period under s.72(3); to verify and, if permissible, allow adjustment of unabsorbed depreciation against profits under s.32(2); and to examine the s.43B disallowance claim, noting the assessee's contention that the amount was already added back in the return, and grant consequential relief if established. The AO shall afford the assessee a proper opportunity of hearing before completing reassessment.
The ITAT set aside the assessment and remanded the matter to the AO for de novo verification and adjudication. The AO is directed to verify the assessee's earlier returns and records and, if substantiated and legally allowable, permit carry-forward and set-off of unabsorbed business losses within the eight-year period under s.72(3); to verify and, if permissible, allow adjustment of unabsorbed depreciation against profits under s.32(2); and to examine the s.43B disallowance claim, noting the assessee's contention that the amount was already added back in the return, and grant consequential relief if established. The AO shall afford the assessee a proper opportunity of hearing before completing reassessment.
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