ITAT Ahmedabad held that the Transfer Pricing Officer cannot determine the arm’s length price of intra-group services at Nil merely based on assumptions regarding benefit or commercial necessity.
The Tribunal found no distinguishing factors between the assessee and another liquor trader whose GP rate of 3.13% had been accepted by the Department. In the absence of justification for a higher rate, the GP estimation was reduced from 4% to 3.13%.
ITAT Chennai held that there is no provision under the Income-tax Act allowing substitution of the actual cost of land with its fair market value while computing deduction under Section 80-IB(10). The Tribunal directed that deduction be computed based on profits disclosed in the books, as the land cost had already been accounted for.
LMPC Registration is mandatory for manufacturers, packers, and importers of pre-packaged commodities. The key takeaway is that registration and ongoing labeling compliance are essential to avoid penalties and business disruptions.
The Court held that the statutory appellate remedy had become available following the Tribunals constitution and appointments. Appeals filed by June 30, 2026, must be entertained without limitation objections.
GST disputes often begin with scrutiny notices rather than investigations. A structured response at every stage can help taxpayers avoid costly demands, penalties, and litigation.
GSTN has introduced important changes to strengthen tracking and transparency in goods movement. Businesses must understand the new requirements to avoid compliance risks and penalties.
GSTN has announced mandatory Ship-To GSTIN reporting and a new E-Way Bill closure facility. Businesses must update systems and processes to comply with the enhanced requirements.
The rise of GDPR, CCPA, and India’s DPDP Act is opening significant opportunities for Chartered Accountants. The key takeaway is that privacy compliance is emerging as a major advisory and assurance practice area.
Many taxpayers unknowingly omit income or financial transactions while filing returns. The key takeaway is that incomplete reporting can result in additional tax, interest, delayed refunds, and compliance costs.
