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, addressing validity of reopening under the IT Act read with TOLA, accepted Revenue's concession that all s.148 notices issued after 1 April 2021 for AY 2015-16 would be withdrawn; accordingly the s.148 notice dated 5 April 2022 and the consequential reassessment order, demand, penalty and recovery notices are quashed and set aside. The Petitioner undertakes to withdraw the appeal before the CIT(A) within two weeks, and that undertaking is accepted. The court ordered that if the Revenue successfully challenges and obtains vacation of the present order, the Petitioner's CIT(A) appeal will automatically revive and proceed on merits in accordance with law.
The HC, addressing validity of reopening under the IT Act read with TOLA, accepted Revenue's concession that all s.148 notices issued after 1 April 2021 for AY 2015-16 would be withdrawn; accordingly the s.148 notice dated 5 April 2022 and the consequential reassessment order, demand, penalty and recovery notices are quashed and set aside. The Petitioner undertakes to withdraw the appeal before the CIT(A) within two weeks, and that undertaking is accepted. The court ordered that if the Revenue successfully challenges and obtains vacation of the present order, the Petitioner's CIT(A) appeal will automatically revive and proceed on merits in accordance with law.
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