Delhi High Court held that order is liable to be set aside and matter remanded to ITAT since ITAT failed to provide appropriate reasoning with regard to functionality of comparable while undertaking transfer pricing adjustment.
ITAT Ahmedabad held that addition on account of section 14A of the Income Tax Act while computing books profit under section 115JB of the Income Tax Act is not justifiable. Accordingly, addition u/s. 14A deleted and appeal of assessee allowed.
Delhi High Court held that addition of unsecured loans under section 68 of the Income Tax Act rightly deleted since the said amount is already disclosed before Income Tax Settlement Commission. Accordingly, appeal of revenue dismissed.
ITAT Jaipur held that denial to allow the business loss stating the requirement of books of accounts to be audited is not justifiable since turnover during relevant period didn’t exceed the prescribed limit for getting books of accounts audited.
ITAT Hyderabad condoned a 290-day delay in filing an appeal, accepting that the order was sent to an old email address and the officer’s illness caused genuine hardship.
The Tribunal reduced unexplained cash deposit addition from Rs.11.59 lakh to Rs.2.59 lakh, noting both the taxpayer and the department failed to fully substantiate their claims during the demonetization scrutiny.
Explore how ultra vires and indoor management doctrines evolved under the Companies Act 2013, balancing corporate flexibility with accountability.
ITAT Ahmedabad held settlement payments in foreign civil cases are deductible under Section 37(1) as compensatory, not penal, and Explanation 3 is not retrospective.
Kerala AAR rules no legal bar on inter-state CGST/IGST credit transfer during company mergers, terming GST portal restrictions as technical.
Tamil Nadu AAAR rules TR-6 challan not a valid document for availing ITC on import IGST; only Bill of Entry qualifies under GST provisions.
