"20 May 2021" Archive - Page 4

No revenue recognized despite having incurred a cost- ITAT remanded matter back to AO/TPO

SBI Business Process Management Services Pvt. Ltd. Vs DCIT (ITAT Delhi)

Since in the financial statement for the relevant year (F.Y. 11-12), the auditor had made a clear disclosure that no revenue had been recognized on account of services rendered to SBI despite having incurred a cost of Rs. 3.2 crore and moreover, as per the matching ‘principl...

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No reassessment if AO fails to bring new material on record

Union Bank of India Vs DCIT (ITAT Hyderabad)

Reassessment made by AO in respect of assessee-bank was quashed as no new material was brought on record by AO in the reopening of assessment to establish that the income of the assessee had escaped assessment as assessee had already disclosed all the information necessary for completion of original assessment and the reopening of assessm...

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