ITAT upheld the deletion of disallowance on deduction u/s 80IA for ground handling profits at DIAL and CIAL. Citing SC precedent (Delhi International Airport Pvt. Ltd.),
ITAT Delhi dismissed Revenue’s appeal, confirming deletion of a Rs. 25 crore penalty imposed under Section 271D. Tribunal ruled that penalty, based solely on a seized MOU and assumptions without proof of cash movement, was not legally sustainable.
Learn how foreign directors can file DIR-3 KYC in India. Understand required documents, process steps, deadlines, and penalties for non-compliance.
ITAT Delhi quashes Rs.8.16 crore addition on share capital and commission, emphasizing that mere suspicion without evidence cannot justify tax additions. Investor genuineness and banking records were upheld.
The Tribunal ruled that the Assessing Officer’s suspicion, without material evidence, was insufficient to prove the non-genuineness of a partner’s capital contribution. This case clarifies the legal burden of proof under the Income Tax Act.
The ITAT Kolkata restored a 464-day delayed appeal (AY 2017-18) to the AO for fresh adjudication but imposed a conditional ₹50,000 cost on the assessee for consistent non-cooperation.
ITAT Delhi held that a 12% trade discount to an overseas buyer is not commission and cannot attract TDS under Section 195. The Tribunal ruled that the CIT cannot override the AO’s assessment without independent examination, quashing the Section 263 revision and consequential reassessment.
India plans regulatory reforms to support domestic audit and consulting firms, enabling them to compete with global players like the Big Four.
A CBI Court in Jodhpur sentenced former Chief Commissioner of Income Tax P.K. Sharma and an ITO to 4 years jail and a fine for accepting a Rs. 15 lakh bribe.
A summary of how the CBDT’s decision to extend the Tax Audit Report due date without extending the ITR date has eliminated the traditional one-month gap, causing compliance issues.
