ITAT observed that applying an upper turnover filter is essential in transfer pricing cases where the assessee’s turnover is much lower. It ordered exclusion of big IT majors from the comparable list and directed fresh computation of ALP.
ITAT Mumbai deleted a penalty under Section 271(1)(c) because the notice failed to specify whether it targeted concealment of income or inaccurate particulars. The ruling highlights the need for clarity in issuing tax penalties.
The Court found no grounds to interfere with the Madras High Court’s decision dated 08.08.2024 and dismissed all pending applications, affirming judicial consistency.
ITAT Delhi remitted a case where CIT(A) upheld additions without examining available evidence. The ruling reinforces that authorities must fully consider documents and explanations before confirming unexplained investments.
The ITAT Mumbai remanded a ₹50 lakh addition case after finding that a business loan was omitted from audited accounts and required further verification.
The Supreme Court held that land acquisition and sale agreements do not constitute taxable “real estate services,” dismissing the Revenue’s appeal for service tax demand.
SC held that value of duty-paid bought-out items delivered directly to buyer’s site cannot be included in assessable value of boilers cleared in CKD condition. The show cause notice invoking extended limitation period was declared invalid.
Delhi High Court held that tax authorities cannot replace projected business valuations with actual results when assessing transfer pricing, emphasizing commercial prudence principle in asset transfers.
SC confirmed enforcement of an unregistered 2000 sale agreement, directing execution of sale deed after payment of dues with 16% interest and ₹5 crore compensation to ensure fairness.
The Supreme Court ruled that earlier compensation was inadequate and raised the award to ₹15.13 lakh, ensuring fair restitution for a minor’s lifelong disability.
