Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Protective assessment is permissible only where there is uncertainty as to the person chargeable to tax, and a corresponding substantive assessment must exist in the hands of the real owner of the income. The Tribunal held that the conversion of a protective addition into a substantive addition was unsustainable without a clear finding, supported by material, that the income was assessable in the assessee's hands rather than his wife's. The claim for exemption under section 54F also required fresh factual examination for compliance with statutory conditions, and TDS credit could not be denied merely for PAN mismatch if the related income had been offered to tax, subject to verification. The matter was restored to the AO for fresh adjudication.
Protective assessment is permissible only where there is uncertainty as to the person chargeable to tax, and a corresponding substantive assessment must exist in the hands of the real owner of the income. The Tribunal held that the conversion of a protective addition into a substantive addition was unsustainable without a clear finding, supported by material, that the income was assessable in the assessee's hands rather than his wife's. The claim for exemption under section 54F also required fresh factual examination for compliance with statutory conditions, and TDS credit could not be denied merely for PAN mismatch if the related income had been offered to tax, subject to verification. The matter was restored to the AO for fresh adjudication.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
