Following SC’s E-Funds ruling, Delhi ITAT confirmed Concentrix US has no PE in India. The Tribunal also held that IPLC/link charges are non-taxable reimbursements, not ‘royalty’ under Article 12 of the India-US DTAA.
The ITAT Delhi ruled that Section 68 (unexplained cash credits) cannot be invoked against journal entry adjustments where no cash or equivalent funds flowed into the assessee’s account. The ₹10.51 Cr addition was deleted.
Delhi ITAT confirms that an AO cannot disallow purchases of Rs.3.82 Cr as bogus (Adventure Resorts And Cruises Pvt. Ltd.) without rejecting the books of accounts under Section 145.
ITAT Delhi quashes the assessment for Carissa Investment Pvt. Ltd., holding that an AO who ignores a previously accepted correct address forfeits the presumption of valid service.
ITAT Visakhapatnam held that addition made by application of provisions of section 50C of the Income Tax Act justifiable since SRO rates rightly adopted in absence of any objection from assessee company.
ITAT Nagpur held that deduction under section 80P(2)(a)(i) of the Income Tax Act admissible in case of interest earned from fixed deposit with bank. Accordingly, deduction claimed by the assessee is allowed by deleting the addition.
The ITAT Delhi sets aside a Rs.1.03 Cr addition to a trader’s income, ruling that the creditor balance cannot be taxed under Section 68 when the AO accepts the substantial volume of sales and corresponding purchases.
ITAT Delhi allows NRI’s appeal in Chirag Kirpal Vs ACIT, ruling that the Jurisdictional AO (JAO) lacks the power to issue a Section 148 notice after the Faceless Reassessment Scheme (s.151A) took effect.
The ITAT Delhi sets aside over ₹1112 Cr in tax additions in Enormous Nivesh Pvt. Ltd. Vs ACIT, ruling that Section 56(2)(viia) applies only to the ‘transfer’ of shares, not the ‘fresh allotment’ (issue) of shares, which is governed by Section 56(2)(viib).
The tribunal ruled that stating “for objects of the trust” in Form 10 is sufficient if supported by a Board Resolution specifying use for scholarships. Disallowance by CIT(A) was set aside, highlighting substance over form in charitable trusts.
