In the case of ACIT Vs. Prem Castings Pvt. Ltd. ITAT, Delhi Bench reversed the order of CIT (A) who deleted addition of Rs. 3,46,00,000/- after relying upon the decision of Hon’ble SC in the case of Lovely Exports (216 CTR 195) in which it was held that once the assessee has produced documents regarding
In the case of ACIT vs. OBC, Mumbai Bench of ITAT observed that the amount paid by the assessee bank (the lessee) to City Industrial Development Corporation (MMRDA) (Lessor) was in the nature of rent as defined u/s 194 I of the Act or not, which held yes by CIT (A).
ITAT Delhi held In the case of Xchanging Technology Services India Private Limited. vs, DCIT that the Hon’ble High Court affirmed the conclusion that a captive unit of a comparable company which assumed only a limited risk cannot be compared with a giant company in the area of development
ITAT Delhi held In the case of Eli Lilly & Co. (India) Pvt. Ltd. vs, ACIT that a clear distinction has been made between the free samples, gifts, travel facilities, hospitality and cash or monetary grants. It would accordingly be incorrect to put samples in the definition of gifts being separately categorized
ITAT Delhi held In the case of Tsurphu Labrang vs. DIT (Exemptions) that Rule 17A itself provides that it is not necessary that the Institution/Trust should be established under an instrument. The Rule 17A does not prescribe that in case the Institution/Trust
ITAT Delhi held In the case of Honda Trading Corporation. vs, DCIT that despite the use of the word `may’, the time limit for passing the order by the TPO is mandatory, as in the otherwise situation of the TPO having been allowed more time by implication
ITAT Delhi held In the case of Alcatel-Lucent Technologies. vs, DCIT that merely because the assessee in the TP study had included the comparable, which was accepted by TPO, it does not follow that the assessee cannot resile from its original claim at a later stage of proceeding
Key Features – Return Preparation Utility (RPU) version 1.4 ♠ Remark ‘B’ is made applicable for Section code 194DA for Form 26Q, FY 2015-16, Q3 onwards. ♠ Addition of challan (i.e. C9 correction) in correction statements: As directed by Income Tax Department (ITD), addition of challan option (i.e. is C9 correction) has been made available […]
e-TDS/TCS File validation utility (FVU) version 2.145 for FY 2007-08 to FY 2009-10 and 4.9 for FY 2010-11 onwards are released Key Features – File Validation Utility (FVU) version 2.145 ♠ Addition of challan (i.e. C9 correction) in correction statements: As directed by Income Tax Department (ITD), addition of challan option (i.e. is C9 correction) […]
Time is not far when Statutory Audits may be replaced by Forensic Audit and auditor will have to act as a bloodhound rather than a watchdog. Perhaps if the Auditors would have been given the rights and duties of a bloodhound as the CBI or such agencies have, no scams would have ever happened in the Financial World.
