ITAT Ahmedabad held that transfer pricing adjustment should be restricted only in respect of turnover of assessee-company relating to international transactions. In nut-shell, transfer pricing addition should be restricted only qua international transaction and not entity level transactions.
Gujarat High Court held that rejection of refund claim of unutilized ITC used in making zero-rated supply of goods merely on the ground of technicality unjustified as all the substantive conditions are satisfied.
Read the detailed analysis of ITAT Mumbai’s decision on DCIT Vs ICICI Bank Ltd., addressing disallowance of exempt income, inordinate delay, and the crucial role of interest-free funds.
Explore the Reserve Bank of India’s circular on Compromise Settlements and Technical Write-offs for regulated entities. Learn about the impact, challenges, and potential benefits of this initiative.
ITAT Kolkata held that non-resident Indian who has provided services as an employee outside India (i.e. in Morocco) is entitled to claim benefit of Article 15(1) of the India Morocco DTAA.
ITAT Raipur held that addition towards unexplained investment unsustainable as AO failed to place on record any material which would conclusively establish that the said society was a benamidar of the assessee. Accordingly, addition based on bald allegation couldn’t be accepted.
ITAT Delhi held that payment of compounding fee for violation of provision under the Motor Vehicles Act, 1988 and Rules are allowable as business expenditure under section 37(1) of the Income Tax Act.
ITAT Raipur held that assessee company was entitled for depreciation on WDV on consideration that was paid by it and not on WDV that was lastly shown by CSEB, before its disintegration.
CESTAT Chennai held that input credit of duty paid on molasses used in production of rectified spirit being a final product is eligible as CENVAT Credit.
CESTAT Delhi held that penalty u/s. 112 and 114AA of the Customs Act not leviable in absence of any knowledge of goods of prohibited nature being imported.
