While computing arm’s length price (ALP), it is required both the tested party and the comparable should have similar financial year endings for proper analysis of the functions performed, assets employed and risks assumed.
The Mumbai Income Tax Appellate Tribunal quashes penalties for being time-barred and invalidates a reassessment notice, clarifying key tax law provisions on limitation and sanctioning authority.
The ITAT Cochin bench ruled that receiving cash for property at registration violates Section 269SS, overturning a prior decision.
The ITAT Lucknow tribunal clarifies that charitable trusts can utilize accumulated income without first spending their current-year income, as per Section 11(2).
The ITAT Lucknow tribunal rules that an accommodation entry provider can only be taxed on its commission income, not the entire amount of routed funds, a clarification of Section 68.
Lucknow ITAT confirms penalty under section 271B, ruling that a taxpayer is responsible for timely tax audit completion and report submission, and blaming the CA is not a valid defense.
ITAT Surat held that addition of unexplained stock as unexplained investment u/s. 69 of the Income Tax Act upheld due to claim of closing stock was not supported by any verifiable evidences. Accordingly, ground of appellant dismissed.
ITAT Ahmedabad application for registration of trust under section 12AB of the Income Tax Act since object of the applicant is not working for benefit of general public at large but is working for specific section of society. Accordingly, appeal of assessee dismissed.
The Ld. AR requested that the matter may be remitted to the Ld. AO while the Ld. DR supported the order of the Ld. CIT(A). After considering the facts of the case, we deem it appropriate in the interest of justice and fair play that another opportunity needs to be provided to the assessee to represent her case properly before the Ld.
ITAT Jaipur held that delayed filing of Form No. 67 cannot be reason for denial of Foreign Tax Credit since filing of Form 67 is procedural/ directory requirement. Accordingly, appeal allowed and order of CIT(A) set aside.
