Transfer pricing comparables and adjustments: Tribunal revisits loss-maker status, segmental comparability, working capital relief, and risk allocatio...
Business expenditure disallowance failed where commission, related-party salary and promotion payments were supported by records and inquiry was inade...
Land located beyond municipal limits (2.75 km per map and Patwari certificate) qualifies as agricultural land under the statutory definition and is therefore not a capital asset; the appellate finding on this classification is accepted. The assessing officer failed to disclose materials underpinning reassessment, denied the assessee opportunity to rebut or examine that material, and rejected the assessee's evidence, amounting to breach of the audi alteram partem principle. Because the land is agricultural, the alleged receipt of additional cash is immaterial. Reassessment additions are set aside and the AO is directed to delete the additions and give effect to this order.
Land located beyond municipal limits (2.75 km per map and Patwari certificate) qualifies as agricultural land under the statutory definition and is therefore not a capital asset; the appellate finding on this classification is accepted. The assessing officer failed to disclose materials underpinning reassessment, denied the assessee opportunity to rebut or examine that material, and rejected the assessee's evidence, amounting to breach of the audi alteram partem principle. Because the land is agricultural, the alleged receipt of additional cash is immaterial. Reassessment additions are set aside and the AO is directed to delete the additions and give effect to this order.
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