Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Article 24(4) (non-discrimination) of the India-Denmark DTAA precludes a domestic thin-capitalisation measure that differentiates deductibility of interest based on creditor residence; applying treaty supremacy via section 90(2) the Tribunal concluded the section 94B disallowance could not be sustained where the debt and interest were accepted as arm's-length. The note further records computational principles: EBITDA must reflect gross (actual) depreciation, not netting by subvention; only interest actually deductible may be counted for the statutory limit; notional Ind AS accretion and interest already disallowed as capital must be excluded from the section 94B computation.
Article 24(4) (non-discrimination) of the India-Denmark DTAA precludes a domestic thin-capitalisation measure that differentiates deductibility of interest based on creditor residence; applying treaty supremacy via section 90(2) the Tribunal concluded the section 94B disallowance could not be sustained where the debt and interest were accepted as arm's-length. The note further records computational principles: EBITDA must reflect gross (actual) depreciation, not netting by subvention; only interest actually deductible may be counted for the statutory limit; notional Ind AS accretion and interest already disallowed as capital must be excluded from the section 94B computation.
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