The ruling clarifies that TDS must be deducted at the time of credit, even if amounts are booked as provisions. Merely claiming that no payment was made does not excuse non-deduction.
The Tribunal held that where purchases are not disputed and books are not rejected, the entire sale consideration cannot be added as unexplained income. Since the assessee had already offered profits to tax, the addition was deleted.
The tribunal held that reliance on an investigation report cannot override the statutory requirement of section 68. Where the assessee maintained no books, additions based solely on bank credits were invalid.
The ruling clarifies that penalty cannot be levied merely because expenses are partly disallowed on estimation. Absence of under-reporting or misreporting defeats the penalty action.
It was ruled that reassessment proceedings must be initiated only through the faceless mechanism after the CBDT notification under section 151A. The concept of concurrent jurisdiction between JAO and FAO was expressly rejected.
The Tribunal emphasized that the assessee had no individual business in electronic goods. In the absence of incriminating material and with sales recorded by the company, the addition was deleted.
Upholding the appellate order, the Tribunal ruled that section 68 applies only to credits of the relevant year. Opening balances and prior period adjustments cannot be taxed as unexplained income in a subsequent year.
Coca Cola India Inc. Vs DDIT (ITAT Delhi) ITAT Delhi held that final assessment order passed beyond period of limitation prescribed under section 144C(13) read with section 153 of the Income Tax Act is liable to be quashed and hence set aside. Facts: The present adjudication involves a batch of six appeals pertaining to the same […]
The issue concerned valuation of royalty for bundled services. ITAT held that faulty comparables vitiated the CUP analysis and ordered fresh benchmarking.
The issue was whether revision could be invoked during a pending appeal. ITAT held that PCIT lacks jurisdiction once the matter is before CIT(A).
