Transfer pricing adjustment of ₹21.88 lakh partly reduced to 0.5% corporate guarantee fee. Tribunal confirms international transaction status but applies consistent methodology with prior years.
ITAT quashed a reassessment under section 147 as the AO failed to issue the mandatory notice under section 143(2), rendering the assessment legally invalid.
Tribunal held that commission could not be treated as bogus where the recipient company’s existence was established through income tax returns, refunds, and official records, leading to deletion of the disallowance.
The Tribunal held that legal control under a JDA constitutes transfer for capital gains purposes. The assessee must provide acquisition cost details for recomputation.
ITAT Kolkata dismissed Rs. 6.52 crore addition under section 68, holding that cash deposits were substantiated by audited books and AO failed to reject accounts or prove them unexplained.
The Tribunal directed a fresh adjudication after the assessee was wrongly credited with company income due to erroneous PAN and 26AS entries, emphasizing fair play over technical delay.
The issue was whether an outstanding loan could be taxed as deemed dividend in a year when no loan was received. The Tribunal held that the decisive factor is the year of payment and remanded the matter for fresh examination.
ITAT Kolkata held that an assessment under section 143(3) is invalid if the section 143(2) notice does not comply with CBDT prescribed formats. The ruling nullifies both the assessment and related revisionary proceedings.
The ITAT held that reassessment beyond four years fails when the reasons do not show the assessee’s failure to disclose material facts.
The Tribunal held that deductions for donations cannot be denied due to later retrospective withdrawal of approval. Genuine donations made when the donee was approved retain tax benefits.
