Seat of arbitration is governed by the agreement of the parties and not by the place of hearing or the place where the award is signed – Supreme Court In a recent judgment, Hon’ble Supreme Court has explained the distinction between the seat and venue of the arbitration …

ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if desired. In a recent judgment, ITAT Delhi has quashed order u/s 263 observing that PCIT had ignored the fact that assessee had filed an appeal against the addition …

Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax Act – ITAT In a recent judgment, ITAT Surat has held that the section under which AO should initiate penalty cannot be determined under revisionary jurisdiction under section …

Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying to evade the payment of tax – ITAT In a recent judgment, ITAT Rajkot has held that as per CBDT Circular, provisions u/s 40A(2) and particularly with regard …

The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined to ‘sale’ of property only – ITAT In a recent judgment, ITAT Raipur has held that the word ‘transfer of property’ does not include ‘acquiring’ of property or …

AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient cash-in-hand in the books – ITAT In a recent judgment, ITAT Chandigarh has held that AO was not justified in questioning the cash withdrawals from the bank account …