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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Reassessment proceedings were held invalid because, prior to issuance of the order under section 148A(d) and notice under section 148 dated 31.03.2022 by the jurisdictional AO, the Central Government had notified the faceless scheme under section 151A mandating that actions under sections 148A(b), 148A(d) and issuance of notice under section 148 be undertaken only through the faceless mechanism. Since the notice was issued contrary to this statutory mandate, the non-compliance was treated as violative of the rule of law, rendering the notice unsustainable; consequently, the reassessment order passed under section 147 read with section 144 was quashed and the appeal was allowed. - ITAT
Reassessment proceedings were held invalid because, prior to issuance of the order under section 148A(d) and notice under section 148 dated 31.03.2022 by the jurisdictional AO, the Central Government had notified the faceless scheme under section 151A mandating that actions under sections 148A(b), 148A(d) and issuance of notice under section 148 be undertaken only through the faceless mechanism. Since the notice was issued contrary to this statutory mandate, the non-compliance was treated as violative of the rule of law, rendering the notice unsustainable; consequently, the reassessment order passed under section 147 read with section 144 was quashed and the appeal was allowed. - ITAT
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