ITAT Delhi excluded three comparable companies after holding that they were functionally dissimilar and government-controlled enterprises. Their exclusion eliminated the transfer pricing adjustment on engineering design services.
ITAT Delhi held that donations forming part of CSR expenditure are eligible for deduction under Section 80G if the statutory conditions are satisfied. The Tribunal ruled that disallowance under Section 37(1) does not bar a separate deduction under Chapter VI-A.
This guide explains the mandatory appointment of a woman director under Section 149 of the Companies Act, 2013, including eligibility, procedure, and MCA filing requirements. It also highlights disclosure obligations for listed companies.
The FAQs clarify that OPCs and Small Companies are governed primarily by Rule 8A for Board’s Report disclosures instead of the detailed requirements under Rule 8. They also explain the continuing applicability of Section 134(3) where no specific exemption exists.
The article explains how different interpretations of Section 112 may produce either nil tax or a positive tax liability for the same transaction. It notes that the issue remains open pending clarification or judicial determination.
ITAT Mumbai held that an employee cannot be denied TDS credit merely because the employer failed to deposit the tax deducted from salary. The Tribunal directed verification of evidence and grant of full TDS credit under Section 205.
ITAT Mumbai held that penalty under Section 270A cannot be levied merely because income was estimated after rejection of books. Since the addition was based on estimation and not on specific concealed income, the penalty was deleted.
ITAT Mumbai held that purchases supported by invoices, e-way bills, transport records, bank payments, and GST documents cannot be treated as bogus merely because of allegations against the supplier. The Tribunal deleted the entire addition after finding no contrary evidence.
The FAQs explain the prosecution provisions under the Income-tax Act, covering offences such as tax evasion, non-payment of TDS/TCS, false statements, and non-filing of returns. They also outline punishments, exceptions, and situations where prosecution may not be launched.
The notification continues anti-dumping duty on PET resin originating in or exported from China after authorities found that removal of the duty could increase imports and harm domestic producers. The duty applies at USD 200.66 per metric tonne.
