Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
ITAT allowed the appeal, holding that the assessee-LLP is entitled to carry forward and set off losses under sections 71 and 72 of the IT Act. The Tribunal noted both revenue authorities misconceived the due date as 31 July, whereas the statutory LLP return due date under section 132(9) is 30 September; the assessee filed its return before 30 September. Although the LLP regime imposes audit and accounting obligations, the admitted turnover was below the prescribed audit threshold. On the facts, the return was timely for LLP purposes and therefore the disallowance of carry-forward/set-off was set aside and the grounds raised by the assessee were allowed.
ITAT allowed the appeal, holding that the assessee-LLP is entitled to carry forward and set off losses under sections 71 and 72 of the IT Act. The Tribunal noted both revenue authorities misconceived the due date as 31 July, whereas the statutory LLP return due date under section 132(9) is 30 September; the assessee filed its return before 30 September. Although the LLP regime imposes audit and accounting obligations, the admitted turnover was below the prescribed audit threshold. On the facts, the return was timely for LLP purposes and therefore the disallowance of carry-forward/set-off was set aside and the grounds raised by the assessee were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
