Category: Income Tax
Transfer pricing adjustment without reference to TPO. Supreme Court upholds that AO breached mandatory Instruction but restored appeal to AO ABCAUS Case Law Citation:ABCAUS 3119 (2019) (08) SC Important case law relied upon by the parties: The instant Appeal by Special Leave was made by the Revenue to …
Penalty notice u/s 271AAB without specifying ground and default in the show cause notice u/s 274 held not valid – ITAT quashed the order passed ABCAUS Case Law Citation:ABCAUS 3118 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Manjunatha Cotton & Ginning Factory 359 …
Penalty notice u/s 271(1)(c) without specifying specific charge quashed. The decisions relied by Revenue rejected by the Tribunal  ABCAUS Case Law Citation:ABCAUS 3117 (2019) (08) ITAT Important case law relied upon by the parties:Jagdamba Prasad Gupta, Delhi vs. ACITSundaram Finance Ltd., vs. CIT 403 ITR 407 (Mad.) …
Application of correct limb of penalty u/s 271(1)(c) is a question of fact and not a question of law. ITAT dismissed issue raised before it for the first time ABCAUS Case Law Citation:ABCAUS 3114 (2019) (08) ITAT Important case law relied upon by the parties:Sundaram Finance 403 ITR …
If business not closed down, expenses allowed u/s 37(1) even if turnover was low as it was temporary lull which assessee was trying to revive – ITAT ABCAUS Case Law Citation:ABCAUS 3113 (2019) (08) ITAT The instant appeal had been filed by the assessee against impugned order passed …
Non profit company not a comparable for Transfer Pricing. ITAT directed AO to exclude it from the list of comparables to benchmark international transaction. ABCAUS Case Law Citation:ABCAUS 3112 (2019) (08) ITAT The appellant assessee was is a subsidiary of the parent company which operated travel website under …
ITAT authorised to consider question of jurisdiction raised first time and not raised earlier as it goes to the root of the matter and substantially affects the rights of assessee ABCAUS Case Law Citation:ABCAUS 3111 (2019) (08) ITAT Important case law relied upon by the parties:National Thermal Power …
Reopening u/s 148 alleging evidence discovered with due diligence quashed as no specific failure on part of the assessee was stated. SC dismisses SLP of the Department ABCAUS Case Law Citation:ABCAUS 3110 (2019) (08) SC The respondent assessee was a company. For the relevant assessment year it had …
Merely a judgment rendered can not be a basis / ground for reopening an assessment u/s 147 unless assessee fails to disclose material facts truly & fully ABCAUS Case Law Citation:ABCAUS 3108 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. M/s. Ansal Housing Finance …
CBDT issues Clarification/FAQs on filling ITR forms for the Assessment Year 2019-20 The Income-tax return (ITR) forms for the Assessment Year (AY) 2019-20 were notified vide notification bearing G.S.R. 279(E). dated the 1st day April, 2019. Subsequently, the instructions for filing ITR forms were issued and the software …
