Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Quantification of weighted deduction under section 35(2AB) depended on the expenditure approved in Form 3CL, not on the assessee's basic eligibility for the deduction. The Tribunal held that Form 3CL had already been sent to the jurisdictional Assessing Officer and therefore could not be rejected as additional evidence in rectification proceedings. Reading Rule 6(7A) for the relevant assessment year, the Assessing Officer was required to take cognizance of the approved expenditure and recompute the deduction accordingly. The impugned order was set aside and the issue was restored for fresh quantification after giving the assessee a reasonable opportunity of hearing.
Quantification of weighted deduction under section 35(2AB) depended on the expenditure approved in Form 3CL, not on the assessee's basic eligibility for the deduction. The Tribunal held that Form 3CL had already been sent to the jurisdictional Assessing Officer and therefore could not be rejected as additional evidence in rectification proceedings. Reading Rule 6(7A) for the relevant assessment year, the Assessing Officer was required to take cognizance of the approved expenditure and recompute the deduction accordingly. The impugned order was set aside and the issue was restored for fresh quantification after giving the assessee a reasonable opportunity of hearing.
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