Judgement

Interest on FDRs held exempt despite being shown as ‘income from other sources’; ITAT and CIT(A) faulted for mechanical approach

Delhi High Court Allows Exemption to Charitable Trust Despite Technical Error in Return

Notifications

CBDT notifies income tax exemption under Section 10(46) for the District Legal Service Authority, Faridabad, subject to compliance with prescribed conditions.

CBDT Grants Income Tax Exemption to District Legal Service Authority, Faridabad

Comparison of two controlled transactions impermissible; DRP directions found vague and contrary to Section 144C

ITAT Delhi Deletes Transfer Pricing Adjustment on Commission Paid; Rejects Ad Hoc Benchmarking By TPO

ITAT Delhi held that reassessment based solely on low profit without any tangible material is invalid and quashed the Section 148 notice.

ITAT: Reassessment Under Section 148 Set Aside for Absence of Live Nexus

The ITAT held that since the purchase records and stock in the books of both entities have not been questioned, the transfer of stock to a dormant entity by does not make the cash sales suspicious.

ITAT Upholds Cash Jewellery Sales During Demonetisation; Rejects Revenue's Appeal

Considering this, the tribunal ruled that the late supply of goods is not a crime or violation of law but a payment for breach of contract.

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Delhi High Court Allows Exemption to Charitable Trust Despite Technical Error in Return

CBDT Grants Income Tax Exemption to District Legal Service Authority, Faridabad

ITAT Delhi Deletes Transfer Pricing Adjustment on Commission Paid; Rejects Ad Hoc Benchmarking By TPO

ITAT: Reassessment Under Section 148 Set Aside for Absence of Live Nexus

ITAT Upholds Cash Jewellery Sales During Demonetisation; Rejects Revenue's Appeal

Penalty on Late Supply of Goods is Compensatory in Nature and is Allowable Business Expenses: ITAT