The US Transactions were subject to the Mutual Agreement Procedure between the competent authorities of US and India under Article 27 of the India-US Double Taxation Avoidance Agreement.
ITAT Mumbai overturns CIT(A)’s order, stating the appellate authority lacks power to set aside assessments. The tribunal directed the CIT(A) to re-adjudicate the case after obtaining a remand report from the Assessing Officer.
ITAT Mumbai held that that reimbursement of expenses at cost is not taxable as fees for technical services since there is no element of income attached to the transaction. Accordingly, revenue’s appeal dismissed.
Tribunal imposed a mandatory penalty of ₹15,59,363 under Section 114A of the Customs Act for misclassification and duty evasion, emphasizing strict compliance with statutory requirements in cases of deliberate misdeclarations.
ITAT Jaipur remands Jai Prakash Sharma’s case for fresh hearing after CIT(A) added ₹12,06,189 as undisclosed income due to non-compliance in earlier proceedings.
Andhra Pradesh HC rules VAT assessment against Chakkas Enterprises invalid, citing lack of evidence for tax evasion under Section 21(5). Bank attachment revoked.
CESTAT Kolkata held that owner of the car is liable to pay customs duty on redemption of the confiscated vehicle/ car even if the owner is not the importer of the car. Accordingly, appeal dismissed.
Telangana High Court held that interest paid for broken period on securities held as stock-in-trade is allowable as deduction. Accordingly, petition filed by revenue dismissed and question answered in favour of respondent-assessee.
Telangana High Court quashes non-speaking income tax stay orders for AY 2022-23, remanding the case for fresh consideration per legal guidelines.
ITAT Mumbai rules that cooperative societies can claim deductions under Section 80P(2)(d) for interest earned from cooperative banks, overturning prior disallowance.
