ITAT Hyderabad directed to exclude companies having turnover of more than or less than 10 times of the turnover of the assessee from the list of comparable. Accordingly, matter remanded back to the file of AO/ TPO.
ITAT Ahmedabad held the Discounted Cash Flow Method [DCF method] adopted by the assessee for valuing the CCPS is legitimate and in accordance with Rule 11UA of the Income Tax Rules. The AO cannot reject the method chosen by the assessee if it is prescribed by law.
ITAT Pune held that delay of 2086 days in filing of an appeal against CIT(A) not condonable as sufficient cause or sufficient reason not shown for inordinate delay.
ITAT Jaipur held that notice under section 148 of the Income Tax Act and order thereon issued in the name of Dead individual is null and void. Accordingly, the impugned notice and order held as void-ab-initio.
Delhi High Court held that initiation of reassessment based on entirely new or previously undisclosed material or reasoning deprives assessee’s right to effectively object the proposed reassessment action. Accordingly, the impugned action is rendered wholly unsustainable.
Telangana High Court held that show cause notice cancelling GST registration, based on Section 29(2)(e), without mentioning fraud or misstatement or suppression of facts liable for cancellation of registration, is liable to be set aside.
ITAT Delhi held that passing of an order ex-parte by CIT(A) without affording adequate opportunity of hearing is unjustified. Accordingly, matter restored to the file of Ld. CIT(A).
ITAT Bangalore held that passing of assessment order without issuance of notice u/s. 143(2) of the Income Tax Act is a fatal one and it cannot also be cured u/s. 292B of the Income Tax Act.
SEBI invites public comments on the draft circular for standardized periodic reporting by Research Analysts and Proxy Advisers. Submit feedback by August 30, 2024.
As of June 2024, India recognizes 1.4 lakh startups, with 67,499 having at least one woman director, supported by various government initiatives.
