Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
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.
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