ITAT Chandigarh condoned an 87-day delay in filing an appeal where the assessee acted on genuine advice about CPC TDS rectification, emphasizing substantial justice over technical dismissal.
The Tribunal held that TP additions for guarantee fee and interest were unsustainable because the TPO applied no prescribed method. Key takeaway: ALP must be determined using recognized methodologies, not ad-hoc markups.
ITAT Chandigarh held that a Section 148 notice issued by the Jurisdictional AO instead of Faceless AO violated statutory provisions, quashing the assessment for AY 2018-19.
The Tribunal held that the CIT(A) cannot dismiss an appeal for non-prosecution and must decide on merits. Key takeaway: cases dismissed mechanically must be re-examined by the Assessing Officer.
Overview of income taxed under other sources, including dividends, winnings, interest, deemed income, forfeited advances, family pension, and limits on allowable deductions under the Income-tax Act.
ITAT Chandigarh quashed a Rs.16.24 lakh penalty under Section 271(1)(c) as the fresh assessment accepted the returned income, confirming penalties require concealment or inaccurate particulars.
Overview of how ESOPs are taxed at exercise as perquisites and at sale as capital gains, including valuation rules, holding period, and the deferred TDS mechanism available to employees of eligible start-ups under the Income-tax Act.
Overview of updated returns: 48-month filing window, eligibility, exclusions, DSC/EVC filing, required schedules, computation of tax, interest and additional tax slabs (25%–70%), and obligations for subsequent-year corrections.
Delhi High Court held that CBIC should conduct inter-ministerial consultation in re respect of the uniform policy permitting or prohibiting import of products declared as ‘body massagers’ or sex toys.
ITAT Agra held that entire TDS deducted on maturity of bond is allowable since assessee has already offered interest income on accrual basis. Accordingly, appeal of the assessee is allowed and TDS credit granted.
