ITAT Hyderabad held that the net balance of purchase consideration paid, and the value of net assets acquired is Goodwill and once the existence of Goodwill is established, Depreciation on such goodwill cannot be questioned further.
Read about Pratap Singh Yadav’s appeal against an assessment order, citing violation of CBDT Circular No.19/2019 requiring DIN. Learn how the tribunal ruled the order as invalid.
ITAT Delhi held that reassessment proceedings initiated u/s 147 of the Income Tax Act unsustainable as sufficient enquiry was made by AO on the impugned transaction and hence it tantamount to change of opinion on part of AO.
ITAT Delhi held that penalty u/s 271(1)(b) of the Income Tax Act not imposable as reasonable cause shown for non-furnishing of consent form sought by AO.
ITAT Pune rules that fee for default in TDS statement under Section 234E of the Income Tax Act applies only after June 1, 2015.
ITAT Hyderabad held that in absence of any substantial proceeding or collateral proceedings pending before AO, AO was right in not entertaining the application for rectification filed by the assessee.
ITAT Pune held that it is settled legal position that interest on (Non-Performing Assets) NPAs cannot be taxed on accrual basis.
ITAT Delhi held that conditions for the eligibility of claim u/s 80IC in the case of a new industrial undertaking stands satisfied as new firm acquired new plant & machinery which was not previously used.
ITAT Delhi held that considering the bonafide and genuine transaction, reasonable cause in terms of section 273B of the Act, exist in the case of the assessee for not complying with the provision of section 269SS and 269T, and therefore, penalty u/s 271D and 271E not leviable.
ITAT Mumbai held that as per paragraph 3.2 of the Instruction no. 3/2016 dated 10th March 2016, cases selected for scrutiny on a TP risk parameter has to be referred to TPO after obtaining approval from PCIT/ CIT. Non-complying with the instruction renders the order erroneous and prejudicial to the interest of revenue.
