The ITAT Cochin has ruled against Muthoot Fincorp, confirming the disallowance of expenses due to non-deduction of TDS on a composite contract.
The ITAT Ahmedabad bench, in the case of DCIT vs. Phoenix Flexibles Private Limited held that a Commissioner of Income Tax (Appeals) cannot simply set aside a reassessment order and remand the case back to the Assessing Officer without first deciding on the jurisdictional and legal challenges raised by the taxpayer such as the validity of the notice and sanction for reopening.
Delhi High Court held that any award passed by an arbitrator unilaterally appointed by an interested party is vitiated. Accordingly, ex-parte arbitral award passed is liable to be set aside.
ITAT Kolkata held that only those investments which have yielded exempt income during the year should be considered for computing disallowance under section 14A read with rule 8D of the IT Rules. Accordingly, appeal of revenue dismissed.
The ITAT Ahmedabad case of Shah Dilip Sankarchand vs. ACIT rules on jurisdictional disputes invalidating a tax assessment notice issued by an unauthorized officer.
ITAT Kolkata held that denial of exemption u/s. 10(23C)(via) due to inadvertent mistake of claiming exemption under section 12A instead of 10(23C)(via) is not justifiable. Accordingly, exemption granted u/s. 10(23C)(via) as requisite Form 10BB already filed.
Delhi ITAT rules in favor of Kohinoor Foods, setting precedents on hedging losses, stock additions, and DRP jurisdiction. A key victory for consistency in tax law.
Delhi ITAT invalidates Bajaj Group assessments for AYs 2011-2019 ruling the Section 153D approval was a mechanical omnibus sanction without due diligence.
The ITAT Delhi has deleted a penalty imposed by the CIT(A), ruling that the CIT(A) did not have the jurisdiction to change the nature of a penalty from Section 271AAB to 271(1)(c).
The ITAT Delhi has remanded the transfer pricing case of Stryker India Pvt. Ltd., directing the exclusion of one comparable and inclusion of another, and allowing for the netting of payables and receivables.
