Judgement

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.

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

The Delhi Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings initiated against Auvjan Holidays Private Limited for Assessment Year 2015-16, holding that the notice issued under Section 148 beyond the prescribed limitation period was invalid.

ITAT Quashes Reassessment Proceedings And Deletes Rs 94.77 Lakh Addition as Notice Issued Beyond Limitation

The ITAT has held that an addition towards alleged on-money payment for purchase of a flat cannot be sustained where the Revenue fails to establish actual cash payment through independent evidence.

ITAT Deletes Rs 24.70 Lakh Addition for Alleged On-Money Payment as AO Failed to Prove Cash Transaction

Income Tax Appellate Tribunal (ITAT), Mumbai, has held that an addition towards alleged on-money payment for purchase of a flat cannot be sustained where the Revenue fails to establish actual cash payment through independent evidence.

The ITAT Mumbai held that a bona fide excess depreciation claim arising from subsequent appellate adjustments cannot attract penalty under Section 271(1)(c).

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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

ITAT Quashes Reassessment Proceedings And Deletes Rs 94.77 Lakh Addition as Notice Issued Beyond Limitation

ITAT Deletes Rs 24.70 Lakh Addition for Alleged On-Money Payment as AO Failed to Prove Cash Transaction

ITAT Holds Section 271(1)(c) Penalty Not Leviable for Consequential Depreciation Disallowance