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...
ITAT held that registration under section 12A(1)(ac)(iii) could not be denied merely because the trust had not carried out substantial activities in the relevant financial years, where the trust deed showed charitable objects and the record included audited accounts, returns, bank statements and donation details supporting genuineness. Applying Ananda Social & Educational Trust, the Tribunal noted that at the registration stage the inquiry is confined to the genuineness of the trust and its activities, and even proposed activities are relevant. The rejection of Form 10AB was therefore unsustainable, the consequential cancellation of provisional registration could not survive, and registration was directed to be granted.
ITAT held that registration under section 12A(1)(ac)(iii) could not be denied merely because the trust had not carried out substantial activities in the relevant financial years, where the trust deed showed charitable objects and the record included audited accounts, returns, bank statements and donation details supporting genuineness. Applying Ananda Social & Educational Trust, the Tribunal noted that at the registration stage the inquiry is confined to the genuineness of the trust and its activities, and even proposed activities are relevant. The rejection of Form 10AB was therefore unsustainable, the consequential cancellation of provisional registration could not survive, and registration was directed to be granted.
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