Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
ITAT held that remeasurement gain on defined employee benefit plans is an operating item for TNMM because it stems from the employer-employee cost structure and not from financing or investment activity, and the AO/TPO had to recompute the PLI accordingly. In selecting comparables, the Tribunal upheld inclusion or exclusion based on functional similarity, segmental data and RPT filters, while persistent loss treatment was accepted where applied consistently. It further held that transfer pricing adjustment must be restricted to international transactions with AEs, not domestic non-AE turnover. Interest on overdue receivables was to be benchmarked separately at LIBOR plus 200 basis points after a 30-day credit period, nil ALP for intra-group service charges was deleted, and credit for advance tax and TDS was remanded for verification.
ITAT held that remeasurement gain on defined employee benefit plans is an operating item for TNMM because it stems from the employer-employee cost structure and not from financing or investment activity, and the AO/TPO had to recompute the PLI accordingly. In selecting comparables, the Tribunal upheld inclusion or exclusion based on functional similarity, segmental data and RPT filters, while persistent loss treatment was accepted where applied consistently. It further held that transfer pricing adjustment must be restricted to international transactions with AEs, not domestic non-AE turnover. Interest on overdue receivables was to be benchmarked separately at LIBOR plus 200 basis points after a 30-day credit period, nil ALP for intra-group service charges was deleted, and credit for advance tax and TDS was remanded for verification.
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