Judgement

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

News

The Government is planning to eliminate capital gains tax on investments made by foreign portfolio investors in government securities; this action is aimed at encouraging foreign capital inflows into the country.

India to Eliminate Capital Gains Taxes on Investments Made by Foreign Investors in Government Bonds

Orders

SEBI Alleges Rs 15.15 Lakh Crore Revenue Misreporting at Rajesh Exports, Bars Rajesh Mehta and Orders Forensic Audit

SEBI Issues Interim Order Against Rajesh Exports, Cites Manipulated Financial Statements

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.

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ITAT Upholds Deletion of Rs 96 Crore Prior Period Disallowance

ITAT Restricts Bogus Purchase Addition to Profit Element Only

India to Eliminate Capital Gains Taxes on Investments Made by Foreign Investors in Government Bonds

SEBI Issues Interim Order Against Rajesh Exports, Cites Manipulated Financial Statements

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