ITAT Delhi quashes a Rs. 418 crore reassessment order for AY 2009-10 because the notice for reopening under Section 148 was not validly served on the assessee.
The Karnataka High Court upheld the exclusion of Universal Print System and BNR Udhyog as comparables in a transfer pricing case involving Robert Bosch.
The Bombay High Court allows a company to set off interest expenses against interest income, ruling that a business can be considered commenced from its preparatory stage.
Chennai ITAT ruled that the Taxation and Other Laws Act (TOLA) does not extend the deadline for assessments, citing judicial precedents. The assessment order was held to be time-barred.
ITAT Delhi deleted transfer pricing adjustments made to Sony India, ruling that the intensity adjustment is an invalid substitute for the Brightline Test and that royalty payments were commercially justified.
ITAT Mumbai ruled that capital gains from a property sale were taxable in the year the sale deed was executed, not the year of the MoU, due to a prior bank lien. The court also clarified tax rates and acquisition costs.
The Madras High Court remits a Rs.214 crore tax case, giving a petitioner one last opportunity to submit documents, citing financial hardship.
The ITAT Delhi quashed a reassessment where a Section 148 notice was sent to a deceased person, reinforcing that notice must be served on the legal heir.
The Mumbai ITAT upheld TNMM for Firmenich Aromatics, deleting transfer pricing adjustments on exports and royalties, and allowed an 80G deduction on CSR donations.
Delhi ITAT voids Rolls Royce India’s assessment order for AY 2017-18, citing the AO’s failure to adhere to the Section 144C(13) time limit for passing the final order.
