Judgement

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.

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

Articles

This shift is even more pronounced in presumptive tax cases, where about 97% of the taxpayers under the presumptive taxation have shifted to the new tax regime.

No Plans to Introduce Sunset Clause for Old Tax Regime: CBDT Chairman as Majority of Taxpayers Shifting to New Regime

The year of transfer was 2000, in which the full consideration was paid under the development agreement and not in 2008 as per the registered sale deed.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

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

No Plans to Introduce Sunset Clause for Old Tax Regime: CBDT Chairman as Majority of Taxpayers Shifting to New Regime

Capital Gains Taxable in Year of Development Agreement Execution, Not Sale Deed: ITAT