Income Tax : Taxpayers face challenges when assessment orders don’t reflect DRP directions. Misalignments lead to disputes, rectification iss...
Income Tax : The legal community awaits the Supreme Court decision on the Roca Bathroom case, addressing timelines for transfer pricing assessm...
Income Tax : Discover how Section 44C of the Income Tax Act, 1961, governs the deduction of head office expenses for non-resident businesses in...
Income Tax : Delhi ITAT voids BBC World Service India's 2017-18 tax assessment, ruling the final order was issued beyond the statutory time lim...
Income Tax : Bombay High Court sets aside Sulzer Pumps' assessment order, citing pending DRP reference and procedural requirements under Sectio...
Income Tax : Madras High Court rules in favor of Enfinity Solar, quashing an assessment order due to the tax authorities' failure to issue a ma...
Income Tax : ITAT Delhi held that Bright Line Test doesn’t have statutory mandate and cannot be applied for determining Arm’s Length Price ...
Income Tax : Higher profit per se cannot lead to the conclusion that there is arrangement between the parties. The concept of PLI cannot per se...
Delhi ITAT voids BBC World Service India’s 2017-18 tax assessment, ruling the final order was issued beyond the statutory time limit.
Bombay High Court sets aside Sulzer Pumps’ assessment order, citing pending DRP reference and procedural requirements under Section 144C of the Income Tax Act.
Madras High Court rules in favor of Enfinity Solar, quashing an assessment order due to the tax authorities’ failure to issue a mandatory draft assessment order after remand.
ITAT Delhi held that Bright Line Test doesn’t have statutory mandate and cannot be applied for determining Arm’s Length Price [ALP] of Advertisement, Marketing and Promotion [AMP] expense. Accordingly, appeal allowed to that extent.
Higher profit per se cannot lead to the conclusion that there is arrangement between the parties. The concept of PLI cannot per se be applied to hold that assessee has earned higher profit
ITAT Bangalore held that expansion of scope of limited scrutiny without obtaining required prior approval as directed under CBDT Order No. F.No.225/402/2018/ITA.II dated 28.11.2018 is bad-in-law and hence order of AO is liable to be quashed.
ITAT Delhi rules customer contracts, assembled workforce are intangible assets, allowing Genpact’s depreciation claim and affirming cost allocation.
Delhi High Court held that notice issued u/s. 148 and assessment order thereon is liable to be set aside as sanction of issuance of notice not granted by authority specified under section 151 of the Income Tax Act. Accordingly, appeal of asset allowed and demand set aside.
The fact that the AO had in fact did not claim any carry forward of loss in the next assessment year would not be destructive of the petitioner’s right to exercise its option in terms of Rule 9(1) of the DTVSV Rules. Hence, the present petition is allowed.
Mumbai ITAT rules in favor of Tata Chemicals, allowing deduction of ₹156 crore interest on loans for overseas investment, overturning PCIT’s revision.
