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 assessee-trust's appeal, holding that an additional legal claim for exemption u/s 10(23C)(iiiad) can validly be raised for the first time in appellate proceedings, and that CIT(A) had misapplied the ratio of Goetze (India) Ltd. ITAT ruled that registration of the trust is not a precondition for exemption where receipts from educational activities do not exceed Rs. 1 crore, in line with s.10(23C)(iiiad). Consequently, the order of CIT(A) was set aside and AO was directed to delete the addition. In view of allowing the main exemption claim, ITAT found it unnecessary to adjudicate the alternative plea regarding taxation of net income instead of gross receipts.
ITAT allowed the assessee-trust's appeal, holding that an additional legal claim for exemption u/s 10(23C)(iiiad) can validly be raised for the first time in appellate proceedings, and that CIT(A) had misapplied the ratio of Goetze (India) Ltd. ITAT ruled that registration of the trust is not a precondition for exemption where receipts from educational activities do not exceed Rs. 1 crore, in line with s.10(23C)(iiiad). Consequently, the order of CIT(A) was set aside and AO was directed to delete the addition. In view of allowing the main exemption claim, ITAT found it unnecessary to adjudicate the alternative plea regarding taxation of net income instead of gross receipts.
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