Income Tax : Understand Section 43 of the IBC, covering preferential transactions, antecedent debt, look-back periods for related and unrelated...
Income Tax : Learn about taxation on derivatives and F&O transactions, their treatment as business income, audit requirements, and presumptive ...
Income Tax : Explore conflicting rulings on whether bonafide mistakes in disclosing foreign assets under the Black Money Act can avoid penaltie...
Income Tax : F&O traders need to know how their profits are taxed. With the ITR return filing date approaching, it is imperative to know how st...
Income Tax : Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand ...
Income Tax : ITAT held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on ...
Income Tax : ITAT upheld taxation of IPS and CEV subsidies following the Section 2(24) amendment, while partly allowing the appeal on other iss...
Income Tax : The Tribunal held that Rule 11UA gives the assessee the exclusive option to choose the valuation method for unquoted shares. While...
Income Tax : The ITAT Kolkata held that electricity supplied by captive power plants should be benchmarked using the tariff charged by State El...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : Notification No. 15/2014-Income Tax entral Government hereby notifies the Ace Derivatives and Commodity Exchange Limited, Ahmedaba...
ITAT held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on overdue AE receivables.
ITAT upheld taxation of IPS and CEV subsidies following the Section 2(24) amendment, while partly allowing the appeal on other issues.
The Tribunal held that Rule 11UA gives the assessee the exclusive option to choose the valuation method for unquoted shares. While the AO may examine the DCF valuation, he cannot discard it and adopt the NAV method on his own.
The ITAT Kolkata held that electricity supplied by captive power plants should be benchmarked using the tariff charged by State Electricity Boards to industrial consumers for computing deduction under Section 80-IA. It upheld deletion of the transfer pricing adjustment by following Supreme Court and Calcutta High Court rulings.
ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequently disclosed in returns filed under Section 153A. The Tribunal relied on the principle that such returns substitute the original returns.
Delhi ITAT held that share premium received by a subsidiary from its holding company could not be taxed under Section 56(2)(viib). The ruling emphasizes that the anti-abuse provision cannot be extended to genuine intra-group capital infusions.
ITAT found that the taxpayer’s foreign investment was funded through disclosed banking channels and tax-paid funds. Since there was no deliberate concealment, the penalty was deleted.
The ITAT Delhi ruled that reimbursement of software costs to foreign AEs on a cost-to-cost basis could not be treated as a profit-generating intra-group service. The Tribunal deleted the transfer pricing adjustment after finding the benchmarking method adopted by the TPO unjustified.
Tribunal directed allocation of common head-office expenses (and common income) to eligible industrial undertakings when computing deductions under sections 10B and 80-IB, following prior coordinate-bench rulings; AO must apply the earlier directions on remand. Key takeaway: common corporate overheads and income were to be apportioned to units for deduction-computation as previously directed.
ITAT Chennai held that disallowance in terms of section 14A of the Income Tax Act read with rule 8D restricted to the extent of investment which yielded exempt income. Accordingly, disallowance restricted and appeal partly allowed.
