Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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...
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ITAT allowed the appeal and directed the AO to delete the Rs.27,00,000 addition made to the assessee's income. The Tribunal found the assessee's spouse had disclosed the entire sale consideration in his return, and taxing the same receipt in the assessee's hands would amount to double taxation. Further, the impugned flat was acquired in October 2007 and sold in July 2019, qualifying for long-term capital gains treatment; indexed cost computation yields a capital loss, rendering the AO's short-term capital gains assessment unsustainable. The AO was held to have failed to verify available records, and the addition was quashed.
ITAT allowed the appeal and directed the AO to delete the Rs.27,00,000 addition made to the assessee's income. The Tribunal found the assessee's spouse had disclosed the entire sale consideration in his return, and taxing the same receipt in the assessee's hands would amount to double taxation. Further, the impugned flat was acquired in October 2007 and sold in July 2019, qualifying for long-term capital gains treatment; indexed cost computation yields a capital loss, rendering the AO's short-term capital gains assessment unsustainable. The AO was held to have failed to verify available records, and the addition was quashed.
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