Transition support services from corporate spinoff for India business segment - TP adjustment deleted; comparables reassessed; goodwill depreciation, ...
Qualification of fire extinguishers as aircraft parts - original duty finding under Notification No.50/2017-Sr.545 vacated; remanded for fresh adjudic...
Adjustment u/s 143(1) denying the alternate claim of exemption u/s 11 solely for non-filing of audit report in Form 10B was held impermissible, since the defect was curable and the claim involved a debatable issue that could not be adjusted at the processing stage, particularly without providing an opportunity u/s 139(9). The processing also could not disallow the entire expenses, as only income embedded in gross receipts is taxable and eligible revenue expenditure (including depreciation), incurred exclusively to earn such income, must be allowed in computing income under ss. 56-57. The impugned order was set aside and the matter remanded for fresh decision after due opportunity. - ITAT
Adjustment u/s 143(1) denying the alternate claim of exemption u/s 11 solely for non-filing of audit report in Form 10B was held impermissible, since the defect was curable and the claim involved a debatable issue that could not be adjusted at the processing stage, particularly without providing an opportunity u/s 139(9). The processing also could not disallow the entire expenses, as only income embedded in gross receipts is taxable and eligible revenue expenditure (including depreciation), incurred exclusively to earn such income, must be allowed in computing income under ss. 56-57. The impugned order was set aside and the matter remanded for fresh decision after due opportunity. - ITAT
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