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Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Delay in filing Form 10 was condoned where refusal would have exposed the assessee to tax liability and caused grave hardship despite no benefit arising from the delay. The High Court accepted the explanation that the default resulted from the Chartered Accountant's failure, supported by affidavit, and noted that the same officer had already condoned the delay in filing the return of income. On these facts, the rejection of condonation was unsustainable. The impugned order was quashed, the delay in Form 10 was condoned, and the return was directed to be processed in accordance with law.
Delay in filing Form 10 was condoned where refusal would have exposed the assessee to tax liability and caused grave hardship despite no benefit arising from the delay. The High Court accepted the explanation that the default resulted from the Chartered Accountant's failure, supported by affidavit, and noted that the same officer had already condoned the delay in filing the return of income. On these facts, the rejection of condonation was unsustainable. The impugned order was quashed, the delay in Form 10 was condoned, and the return was directed to be processed in accordance with law.
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