Judgement

The ITAT Delhi has upheld the levy of Fringe Benefit Tax on various employee-related expenditures incurred by the assessee company including free or concessional air tickets, hospitality, conveyance, and hotel boarding expenses.

ITAT Delhi Upholds Fringe Benefit Tax on Employee Travel and Hospitality Expenses And Deletes Penalty

ITAT permits deduction of prior period expenses where liabilities became ascertainable during relevant year.

ITAT Upholds Deletion of Rs 96 Crore Prior Period Disallowance

ITAT holds only profit element taxable where purchases are disputed but sales accepted.

ITAT Restricts Bogus Purchase Addition to Profit Element Only

The Income Tax Appellate Tribunal (ITAT) Delhi has held that transfer pricing benchmarking should be restricted to international transactions with Associated Enterprises (AEs) and not the assessee's entire business operations where segmental profitability can be reasonably determined.

ITAT Directs TP Reassessment And Holds Only AE Transactions Can Be Benchmarked for ALP Determination

The ITAT quashed the impugned Rs 5.57 lakh penalty, holding that the failure to identify the applicable limb of Section 270A rendered the notice and the resulting penalty order invalid.

Penalty Cannot Survive Without Clear Identification of Section 270A Clause, Rules ITAT 

Articles

Form 16 is a crucial tax document issued by employers that details salary income, TDS deductions, and tax calculations, helping salaried employees file their ITR accurately and on time.

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ITAT Delhi Upholds Fringe Benefit Tax on Employee Travel and Hospitality Expenses And Deletes Penalty

ITAT Upholds Deletion of Rs 96 Crore Prior Period Disallowance

ITAT Restricts Bogus Purchase Addition to Profit Element Only

ITAT Directs TP Reassessment And Holds Only AE Transactions Can Be Benchmarked for ALP Determination

Penalty Cannot Survive Without Clear Identification of Section 270A Clause, Rules ITAT

Form 16 Explained: Everything Salaried Employees Need to Know Before Filing ITR for FY 2025-26