M/s Aash Trading Company Pvt. Ltd. Vs ITO (ITAT Delhi) We find that AO in the reasons recorded has mentioned that Rs. 75 lacs on account of accommodation entry has been escaped, however, he had issued noticed u/s. 148 of the Act to the assesee. In response to the same, assessee filed the objection which […]
Balaji Prasanna Travels Vs ACIT (ITAT Bangalore) It is observed that as agreed by and between the assessee and the cab owners, a vehicle was to be provided by the assessee to the parties and thus, the assessee was to bear the vehicle expenses actually incurred by the said cab owners and which will be […]
SAP India Pvt. Ltd. Vs DCIT (ITAT Bangalore) We find that apart from writing off of bad debts in the books of accounts, the assessee has to fulfill this requirement of section 36(2) of the IT Act also that the amount in question has been considered as income in the relevant year or in an […]
Rejection of books of accounts under section 145(3) was not justified as once the books of accounts had been prepared/recasted, AO could not go back to the stage of survey proceedings to contend that since no books of accounts were available at that point in time, he would not consider the books of accounts so recasted/prepared and furnished subsequently.
Inter-trust donations from one charitable trust to another for utilization by the donee trust for charitable purposes was proper application of income for charitable purposes in the hands of the donee trust and it would not affect the exemption claimed as application by the Donor trust.
The issue under consideration is whether overdue receivables from AEs is considered as an international transaction? ITAT direct the learned transfer pricing officer to delete the addition on account of interest on overdue receivable from associated enterprise. Accordingly ground of the appeal is allowed.
It was held that the assessment order passed by the Assessing Officer disregarding the instructions of the CBDT are liable to the set aside as AO has not taken prior approval of the authorities mentioned.
The issue under consideration is whether denial of claim of deduction u/s 10AA of the Act on transfer pricing adjustment made by the assessee voluntarily is justified in law?
The issue under consideration is whether TPO is correct in making an upward adjustment to the transfer price of the Appellant’s international transactions on account of imputation of notional interest on outstanding receivables?
ACIT Vs National Film Development Corporation Ltd. (ITAT Mumbai) We are of the opinion that considering the facts that assessee’s business -production of films for Ministries of Government of India and various government departments-and the durations for which the amounts were kept with banks the income earned by it has to held as business income. […]
