Articles

ITAT held that a related-party transaction cannot be treated as a colourable device merely due to the relationship between parties when supported by proper valuation reports and documentary evidence.

Relationship Alone Does Not Make a Transaction Suspect: ITAT

Judgement

The ITAT Delhi held that additions under Section 69 cannot be sustained where YEIDA land payments are duly recorded in the books and supported by explained banking transactions.

ITAT Holds Section 69 Cannot Apply When Source of Funds Is Properly Explained and Recorded in Books

Orders

ROC fined Lokvikas Benefit Nidhi Limited and its officers for failing to file the FY20 annual return under the Companies Act, 2013.

Company and Directors Penalised Over Annual Return Filing Default

The ITAT partly favours the taxpayer by deleting the Rs 28.92 lakh Section 68 addition on sundry creditors while sustaining additions relating to low household withdrawals and TDS default on freight expenses.

ITAT Ahmedabad Deletes Rs 28.92 Lakh Section 68 Addition, Upholds Household and TDS Disallowances

Tribunal remanded the transfer pricing dispute after finding key comparables functionally different from the assessee’s business.

ITAT Flags Functional Mismatch in TP Comparables, Sends Matter Back

The ITAT held that expenditure covered under a binding APA under Section 92CC cannot be disallowed again under Section 37(1), deleting Rs 15.77 crore disallowance.

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Relationship Alone Does Not Make a Transaction Suspect: ITAT

ITAT Holds Section 69 Cannot Apply When Source of Funds Is Properly Explained and Recorded in Books

Company and Directors Penalised Over Annual Return Filing Default

ITAT Ahmedabad Deletes Rs 28.92 Lakh Section 68 Addition, Upholds Household and TDS Disallowances

ITAT Flags Functional Mismatch in TP Comparables, Sends Matter Back

Once Covered Under Section 92CC Binding APA, Business Expediency Cannot Be Reopened: ITAT