Dive into Prakash Industries Ltd vs ACIT case dissected by ITAT Delhi, detailing FBT exemptions for transport services and medical expenses reimbursement, with expert insights.
Read about Durgapur Steel Peoples’ Cooperative Bank Ltd vs Director of Income Tax case. ITAT Kolkata rules that non-filing of SFT return isn’t grounds for penalty under Section 271FA.
ITAT Kolkata held that foreign Associated Enterprises are least complex entities and accordingly can be treated as tested parties for comparability analysis of international transaction.
ITAT Visakhapatnam has held that if working capital adjustment on ALP has been already factored in pricing/ profitability vis-à-vis that of its comparables, then, no separate upward adjustment on outstanding receivables is required.
ITAT Mumbai held that business restructuring entered into by an enterprise with its associated enterprise for eliminating duplicate corporate procedures falls within the ambit of “international transaction” as defined in section 92B of the Income Tax Act.
ITAT Delhi held that as non-renewal doesn’t amount to termination, accordingly, receipt of compensation on account of non-renewal of contract cannot be taxed under section 28(ii)(e) of the Income Tax Act.
ITAT Bangalore held that if the duration of software license is less than two years, then it should be treated as revenue expenditure and if the duration is more than two years, then it should be treated as capital expenditure.
ITAT Bangalore held that addition under section 69 of the Income Tax Act unjustified as source of fund duly explained. Rejection of the explanation relating to source of fund by the department without sufficient reason is unsustainable in law.
ITAT Delhi held that genuineness and veracity of the party cannot be doubted merely because the cold storage rent was received in cash. Accordingly, addition u/s. 69 of the Income Tax Act towards unexplained investment unjustified.
Explore the detailed analysis of Kesar Alloys & Metals Pvt. Ltd. vs. Director of Income Tax (ITAT Indore) case, focusing on penalty levied under section 271FA of the Income Tax Act, 1961.
