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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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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