Internal TNMM can't be used in absence of internal transactions with third parties with similar func

IT/ILT: In absence of any internal transaction with third parties with similar function and economic background, benchmarking of transaction of assessee with AE could not be done by invoking internal TNMM mechanism

Effective rate of service-tax is the rate in force on the date of provision of service, if payment i

ST/ECJ : Where consideration for services is received years after provision of services, rate of tax applicable is rate in force on date of provision of services

Sale of an agricultural land in small sized plots won't be treated as adventure in the nature of tra

IT: An agricultural land purchased and used as such, if sold in small plots, would not make sales as adventure in nature of trade

If property wasn't transferred to partner on dissolution, capital gain from its sale was taxable in

IT : Where property was never transferred to partner on dissolution of firm, capital gains to be taxed in hands of firm

Arranging celebrities for promotion of goods manufactured by client isn't an 'advertising agency ser

ST : Arranging celebrities/cricketers for promotion and publicity of goods manufactured by client is not, prima facie, Advertising Agency's Services

Loss on forfeiture of performance guarantee due to non-performance of contract is a deductible exp.

IT : Where assessee, a contractor, at time of entering into contact with contractee had given bank guarantee [performance guarantee] and contractee due to non-performance of contract by assessee encahsed bank guarantee and recovered amount, assessee would be entitled to deduction of said amount as business expenditure under section 37(1)

Negative covenant in certain agreements couldn't be enforced if performance of agreement not ordered

CL : Where under debt restructuring package, IPO was to be issued, till completion of which transfer of shares by few shareholders was prohibited, on impossibility of implementation of IPO, such negative covenant was to be modified

Case remanded as sec. 69 additions were deleted by appellate authorities without considering finding

IT : Where appellate authorities deleted addition made by Assessing Officer under section 69B without discussing evidence and finding of Assessing Officer, matter was remanded to Assessing Officer for fresh consideration

SC: Revenue's grievance about period of limitation for imposition of penalty is to be answered first

IT : Where revenue contended that penalty order was passed within period of limitation as penalty was initiated in assessment order itself, grievance of revenue was required to be answered first by Tribunal