No penalty u/s 271G if no adjustment made in Arm’s Length Price – ITAT In a recent judgment, the ITAT has upheld that no penalty under section 271G can be levied if no adjustment made in Arm’s Length Price ABCAUS Case Law Citation:ABCAUS 3845 (2024) (01) ITAT Important …

CIC has no power to direct disclosure of PM CARES Fund information covered under Income Tax Act as ITD treats it a third party not authority. In a recent judgment, the High Court has held that PM CARES Fund is a third party not an authority in the …

Once a method of recognizing revenue accepted by revenue in earlier and later years, same cannot be disturbed for the intervening year- ITAT In a recent judgment, ITAT has quashed a revisionary order holding that Once a method of recognizing revenue accepted by revenue in earlier and later …

Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT In a recent judgment, Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT following law laid by Hon’ble Apex Court ABCAUS Case Law Citation:ABCAUS 3842 …

Interest u/s 234C is chargeable on returned income only and not on the assessed income – ITAT In a recent judgment, ITAT has held that interest u/s 234C is chargeable on returned income only and not on the assessed income  ABCAUS Case Law Citation:ABCAUS 3841 (2024) (01) ITAT …

Singing of the balance sheet itself is construed as acknowledgement of debt. No cessation of liability u/s 41 if trade payables shown as outstanding in the balance sheet  – ITAT In a recent judgment, ITAT has held that singing of the balance sheet itself is construed as acknowledgement …