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 ITAT upheld the CIT(A)/NFAC orders and dismissed the Revenue's appeals. The Tribunal held that denial of deduction under s.35(2AB) for non-production of Form 3CM was a procedural lapse where DSIR recognition subsisted and post-assessment Form 3CL cured the defect, warranting allowance of the weighted deduction. The Tribunal allowed the s.80-IC claim made in appellate proceedings, accepted CSR expenditure as deductible under s.80G, and treated ROC fees, stamp duty and listing fees for bonus issues as revenue expenditure. Consistent accounting for duty drawback was affirmed and no excess deduction under s.35(1)(iv) was found; all Revenue grounds were dismissed.
The ITAT upheld the CIT(A)/NFAC orders and dismissed the Revenue's appeals. The Tribunal held that denial of deduction under s.35(2AB) for non-production of Form 3CM was a procedural lapse where DSIR recognition subsisted and post-assessment Form 3CL cured the defect, warranting allowance of the weighted deduction. The Tribunal allowed the s.80-IC claim made in appellate proceedings, accepted CSR expenditure as deductible under s.80G, and treated ROC fees, stamp duty and listing fees for bonus issues as revenue expenditure. Consistent accounting for duty drawback was affirmed and no excess deduction under s.35(1)(iv) was found; all Revenue grounds were dismissed.
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