ITAT Pune rules that an ITI substantially funded by the government qualifies for tax exemption under Section 10(23C)(iiiab), even if the primary income source is interest on government grants.
Bombay High Court held that serving signed copy of arbitral award to employee of the partnership firm is not proper service of signed award as required under section 31(5) of the Arbitration and Conciliation Act, 1996.
Supreme Court disposes of ITO Vs DXN Herbal case due to low tax effect under Rs. 5 crores. Question of law remains open per Circular dated 17 Sept 2024.
ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act to verify the genuineness of the transaction and creditworthiness of the party in case of addition towards unsecured loan u/s. 68.
ITAT Bangalore upholds CIT(A)’s decision, stating that belated filing of Form 10 is a procedural lapse and doesn’t disqualify an institution from tax exemptions under Section 10(23C)(iiiac) and 11(2).
It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differences between the facts of the present case and those of the earlier assessment years.
The US Transactions were subject to the Mutual Agreement Procedure between the competent authorities of US and India under Article 27 of the India-US Double Taxation Avoidance Agreement.
ITAT Mumbai overturns CIT(A)’s order, stating the appellate authority lacks power to set aside assessments. The tribunal directed the CIT(A) to re-adjudicate the case after obtaining a remand report from the Assessing Officer.
ITAT Mumbai held that that reimbursement of expenses at cost is not taxable as fees for technical services since there is no element of income attached to the transaction. Accordingly, revenue’s appeal dismissed.
Tribunal imposed a mandatory penalty of ₹15,59,363 under Section 114A of the Customs Act for misclassification and duty evasion, emphasizing strict compliance with statutory requirements in cases of deliberate misdeclarations.
