The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that ALP Adjustment is not permissible on a notional amount of royalty paid by an overseas subsidiary and confirmed the CIT(A)'s action
In a recent case, the Bangalore bench of the Income Tax Appellate Tribunal(ITAT) held that deduction under section 36(1)(va) of the Income Tax Act, 1961 is not allowable if employees' contributions are not paid within
Indeed, political parties have been receiving Unlimited funds, a term that implies ‘boundless’. The introduction of Electoral bonds six years ago facilitated this influx of "unlimited funds" into political coffers. Contrary to expectations, these sums
A Division bench of the Bombay High Court held that the notice for reopening of assessment is invalid on mere belief of escapement of income when the deduction under Section 80JJAA of the Income Tax
In a recent ruling, the Madras High Court quashed the demand in Computation Sheet and Notice as no additions were proposed in the income tax assessment order. The Petitioner, Organization for Eelam Refugees Rehabilitation having
The Madras High Court has upheld an order under Section 263 of the Income Tax Act, dismissing a writ petition filed against it. The court emphasised the clear distinction between the scrutinised assessment order under
In a recent case, the Himachal Pradesh High Court while observing the non deposit of income tax refund of Rs.1.77Lakh as per the court order, the bench directs the department official to be present in
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer to disallow Asian Paints' consulting fee paid for a feasibility study report, to the extent that it pertains
Filing Income Tax Returns ( ITR ) is a crucial annual exercise that all taxpayers must undertake diligently. As per the Income Tax Act, taxpayers are required to provide various documents to substantiate their tax
In a recent case, the Bombay High Court directed to pay a balance amount of Rs,4,52,600/-compensation to the petitioner within two weeks while considering the contempt petition filed against the non compliance of order passed
In a recent case, the Allahabad High Court, while allowing the appeal held that non filing of Part-B of the e-way bill, without any proof of intention to evade tax, would not lead to the
This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in from May 04th, 2024 to May 10th, 2024. SUPREME COURT Amounts covered by Security deposits under
In a recent case, the Himachal Pradesh High Court disposed of a revision petition by directing re adjudication with respect to the order of Income Tax Appellate Tribunal ( ITAT ). The revision petition filed
Polycab India, following a raid by tax authorities in December 2023, disclosed in its earnings report on Friday that it has not received any formal communication from the department regarding the outcome of the search.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of 89.7 Lakhs under Section 68 of the Income Tax Act, 1961 after the taxpayer provided an explanation for the source of