Judgement

The ITAT Delhi ruled that the arm's length guarantee commission should be restricted to 0.5% instead of 1.3% adopted by the Transfer Pricing Officer.

ITAT holds Corporate Guarantee Given to Overseas Subsidiary Requires TP Benchmarking, but Guarantee Commission Cannot Exceed 0.5%

The ITAT Delhi holds outsourcing manufacturing work to Karigars within SEZ does not disqualify the assessee from Tax Exemption.

ITAT Holds Handmade Production Through Karigars Eligible

The RBI has imposed a Rs 9 lakh penalty on MobiKwik for permitting PPI transfers to non-pre-registered beneficiaries beyond the prescribed time limit and failing to report certain frauds within the stipulated timeframe.

RBI Imposes Rs 9 Lakh Penalty on MobiKwik for Violating PPI and Fraud Reporting Norms

The ITAT quashed the assessment against Pioneer Town Planners Pvt. Ltd., holding that the ACIT could not assume jurisdiction without a valid transfer order under Section 127 of the Income Tax Act, 1961.

ITAT Quashes Assessment Order as ACIT Lacked Jurisdiction Without Transfer Order under Section 127 

The ITAT Delhi has held that Assessment based on search material cannot be completed through regular scrutiny proceedings.


ITAT Quashes Assessment Under Section 143(3) Where Search-Related Information Mandated Reassessment 

The ITAT deleted the Section 14A disallowance  due to the absence of exempt income, while directing the AO to re-examine the TDS-related disallowance under Section 40(a)(ia).

ITAT Deletes Rs 12.57 Lakh Section 14A Disallowance as Cooperative Bank Earned No Exempt Income

The ITAT Delhi directs TPO to re-examine functional comparability, filters and operating margins while passing a reasoned order.

 ITAT Remands Transfer Pricing Adjustment for Fresh Examination of Comparables

The ITAT Delhi permitted Assessee to withdraw appeals after filing application before Tribunal.

Universal Unity Trust Withdraws Appeals Against CIT(E) Order

The ITAT Delhi holds satisfaction recorded after April 1, 2021, requires Reassessment under amended provisions.

ITAT Holds AO Should Have Invoked Sections 147 And 148A After April 2021 Amendment

Income Tax

Finance

ICAI

ITAT Delhi

ITAT

Chartered Accountant

CBDT

ITAT Mumbai

The ITAT deleted Section 69C additions, holding that third-party GST data and unsupported allegations could not justify purchase additions when the books of accounts were not rejected.

ITAT holds Corporate Guarantee Given to Overseas Subsidiary Requires TP Benchmarking, but Guarantee Commission Cannot Exceed 0.5%:

ITAT holds Corporate Guarantee Given to Overseas Subsidiary Requires TP Benchmarking, but Guarantee Commission Cannot Exceed 0.5%

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