![Revenue failed prove that Invoice did not represent the true Transaction Value in International Market: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/Revenue-Invoice-true-Transaction-Value-International-Market-CESTAT-Mumbai-Taxscan.jpeg "Revenue failed prove that Invoice did not represent the true Transaction Value in International Market: CESTAT [Read Order]")
Revenue failed prove that Invoice did not represent the true Transaction Value in International Market: CESTAT [Read Order]
The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT) held that the Revenue failed to prove that the invoice did not represent the true...
![Vijaya Bank is a ‘Financial Company’ and is entitled to avail the benefit of Deduction u/s 36(1)(viii): Karnataka High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/11/Vijaya-Bank-Financial-Company-Deduction-Karnataka-High-Court-Taxscan.jpeg "Vijaya Bank is a ‘Financial Company’ and is entitled to avail the benefit of Deduction u/s 36(1)(viii): Karnataka High Court [Read Judgment]")
![Relief to Reliance Industries: ITAT deletes addition of Sales Tax Incentive/subsidy holding it as Capital in Nature [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/Reliance-Industries-ITAT-Sales-Tax-Incentive-subsidy-Capital-Taxscan.jpeg "Relief to Reliance Industries: ITAT deletes addition of Sales Tax Incentive/subsidy holding it as Capital in Nature [Read Order]")
![Power of Revision by CIT(A) can’t be invoked if order passed by AO is not erroneous & prejudicial to interests of the revenue: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/Power-of-Revision-CITA-AO-revenue-ITAT-Taxscan.jpg "Power of Revision by CIT(A) can’t be invoked if order passed by AO is not erroneous & prejudicial to interests of the revenue: ITAT [Read Order]")
![Assessing Officer can’t go beyond the directions of CIT even though it is open for him to examine any item: Madras High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/11/Assessing-Officer-CIT-Madras-High-Court-Taxscan.jpg "Assessing Officer can’t go beyond the directions of CIT even though it is open for him to examine any item: Madras High Court [Read Judgment]")
Officers cannot reject Claim of Sales/Returns merely on assumption of failure to produce Documentary Evidence: Madras High Court [Read Judgment]
The Madras High Court held that officers cannot reject claims of sales or returns merely on the assumption of failure to produce documentary evidence. The petitioner, M/s.Kurlon Enterprises...
![Officers cannot reject Claim of Sales/Returns merely on assumption of failure to produce Documentary Evidence: Madras High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/11/Officer-Claim-of-Sales-Documentary-Evidence-Madras-High-Court-Taxscan.jpg "Officers cannot reject Claim of Sales/Returns merely on assumption of failure to produce Documentary Evidence: Madras High Court [Read Judgment]")
ITAT directs AO to delete Transfer Pricing Adjustments by way of Royalty against Himalaya Drug Company [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench directed Assessing Officer to delete Transfer Pricing Adjustments by way of royalty against Himalaya Drug Company. The assessee, M/s. The...
![ITAT directs AO to delete Transfer Pricing Adjustments by way of Royalty against Himalaya Drug Company [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/ITAT-AO-Transfer-Pricing-Adjustments-Royalty-Himalaya-Drug-Company-Taxscan.jpg "ITAT directs AO to delete Transfer Pricing Adjustments by way of Royalty against Himalaya Drug Company [Read Order]")
Violation of conditions for deduction in Rule 18DA(8A) can be looked into only by prescribed authority and not by AO: Karnataka HC [Read Judgment]
The Karnataka High Court held that the violation of conditions of deduction under Rule 18DA (8A) can be looked into only by prescribed authority and not by Assessing Officers. The assessee, M/s...
![Violation of conditions for deduction in Rule 18DA(8A) can be looked into only by prescribed authority and not by AO: Karnataka HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/11/Violation-of-conditions-deduction-Rule-18DA8A-prescribed-authority-AO-Karnataka-High-court-Taxscan.jpg "Violation of conditions for deduction in Rule 18DA(8A) can be looked into only by prescribed authority and not by AO: Karnataka HC [Read Judgment]")
Madras High Court quashes Interest levied u/s 50 of GST Act and directs Dept to refund Seized Amount [Read Judgment]
The Madras High Court while quashing levy of interest on Input Tax Credit (ITC), directed the authority to refund recoveries effected through the bank. The batch of writ petitions was filed which...
![Madras High Court quashes Interest levied u/s 50 of GST Act and directs Dept to refund Seized Amount [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/11/Madras-High-Court-Interest-levied-GST-Act-refund-Seized-Amount-Justice-Anita-Sumanth-Taxscan.jpeg "Madras High Court quashes Interest levied u/s 50 of GST Act and directs Dept to refund Seized Amount [Read Judgment]")
Mere inadequacy of an enquiry or insufficiency of material on record can’t be a ground to invoke Revisional Powers: Karnataka HC [Read Judgment]
The Karnataka High Court held that mere inadequacy of an enquiry or insufficiency of material on record can not be a ground to invoke revisional powers under Section 263 of the Income Tax Act, 1961. ...
![Mere inadequacy of an enquiry or insufficiency of material on record can’t be a ground to invoke Revisional Powers: Karnataka HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/10/Mere-inadequacy-enquiry-sufficiency-material-record-ground-invoke-Revisional-Powers-Karnataka-High-court-Taxscan.jpg "Mere inadequacy of an enquiry or insufficiency of material on record can’t be a ground to invoke Revisional Powers: Karnataka HC [Read Judgment]")
Transfer of Intangible Assets for a valuable consideration by way of allotment of Shares is entitled to Depreciation: Karnataka HC [Read Judgment]
The Karnataka High Court held that the transfer of intangible assets for a valuable consideration by way of allotment of shares is entitled for depreciation. The assessee, M/s Padmini Products is...
![Transfer of Intangible Assets for a valuable consideration by way of allotment of Shares is entitled to Depreciation: Karnataka HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/10/Transfer-of-intangible-assets-valuable-consideration-allotment-shares-entitled-depreciation-Karnataka-High-court-Taxscan.jpeg "Transfer of Intangible Assets for a valuable consideration by way of allotment of Shares is entitled to Depreciation: Karnataka HC [Read Judgment]")
Madras HC directs AO to determine borrowed funds were used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted [Read Judgment]
The Madras High Court directed the Assessing Officer to determine whether borrowed funds used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted. The Revenue has...
![Madras HC directs AO to determine borrowed funds were used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/10/Madras-High-court-directs-AO-determine-borrowed-funds-advancing-loans-Subsidiary-Company-Surplus-Funds-Company-Taxscan.jpeg "Madras HC directs AO to determine borrowed funds were used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted [Read Judgment]")