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Transfer Pricing benchmarking is based on Functional Profile of Tested Party: ITAT grants interim relief to Sulzer Tech India [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal(ITAT), Mumbai bench has held that Transfer Pricing benchmarking is based on the functional profile of the tested...

Air India cannot be deemed as 'Assessee in Default' in respect of payment to AIESL: ITAT directs...

Capital Gain Exemption u/s 54F cannot be denied on ground of Joint Ownership in Two Residential...

Shipping Income derived in India from International Traffic is not Taxable in India as per India-UAE...

Relief to Cricket Club of India: ITAT quashes Revision u/s 263 and upholds claim of Mutuality [Read...

Cost of Improvement and due Indexation benefit on House Property is Deductible while computing Capital Gain: ITAT [Read Order]

The Income Tax Appellate Tribunal(ITAT), Mumbai bench has held that cost of improvement and due indexation benefit on house property is deductible while computing capital gain. The appellant,...

Addition in respect of Penny Stock cannot be made without Incriminating Material found during Search: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai bench has held that long term capital gains arising from a penny stock transaction cannot be denied exemption under the Income Tax Act, 1961 on the...

No Tax Liability for NRI being a Joint Signatory to the Bank Account of Foreign Company without Direct Beneficial Interest: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that there is no tax liability for NRI being a joint signatory to the bank account of the foreign company without direct...

CESTAT Weekly Round-Up

This weekly round-up analytically summarises the key stories related to the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) reported at Taxscan.in during the previous week from March 1st...

Declaration of Income under IDS, 2016 not a Reasonable Cause for Non-filing of Income Tax Return: ITAT upholds Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while upholding a penalty order passed under section 271F of the Income Tax Act, 1961 held that the declaration of income under the Income...

Society imparting Training to State Govt Employees eligible for Tax Exemption: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the society formed to impart training to the State Govt employees are eligible for income tax exemption under section 12AA...

Penalty can’t be levied for Genuine Omissions in Income Tax Returns: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(a) of the Income Tax Act, 1961. During the...

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