Learn why regulators now require formal valuation of corporate guarantees to avoid tax, FEMA, and transfer pricing issues.
ITAT Delhi directed that a trust lacking 12A registration cannot be taxed on gross receipts; only surplus income applied outside charitable purposes is taxable.
LL Global Inc. Vs ACIT (ITAT Delhi) ₹50 Lakh Threshold Is Mandatory: ITAT Delhi Quashes Reassessment of Foreign Company as Time-Barred Delhi ITAT (Bench ‘D’) quashed the reassessment proceedings initiated u/s 147 r.w.s. 148, holding them to be barred by limitation under the amended law. The Tribunal noted that the notices u/s 148 were issued […]
The issue was whether appeals dismissed for an extraordinary delay could be restored. The Tribunal held that, despite the assessee’s lapses, justice required giving an opportunity to seek condonation and have the case decided on merits.
ITAT Delhi ruled that CIT(E) cannot evaluate the merit of charitable activities when granting 12AB/80G registration, restoring the trust’s exemptions. Procedural overreach by tax authorities cannot deny valid registration.
ITAT Delhi ruled that a sub-broker’s turnover includes only brokerage income, not total client transactions, and deleted ₹1.5 lakh penalty under Section 271B.
The Tribunal held that purchases cannot be fully disallowed merely on suspicion and supplier deficiencies. The issue was remanded for fresh verification in light of GST findings.
ITAT allowed condonation of a 321-day delay in appeal filing, emphasizing procedural fairness when assessment orders are delivered electronically.
The guidance highlights that mismatches in turnover, ITC, or tax liability between books and returns can trigger audits and demands.
The FAQs hold that annual GST returns are final, non-revisable statements that often become the basis for audits and investigations.
