Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
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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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