Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
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The ITAT deleted the addition made by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] regarding the adjustment u/s 92CA(3) of the Income Tax Act. The issue pertained to the treatment of a guarantee/standby letter of credit issued by Standard Chartered Bank, New Delhi, as an international transaction. The CIT(A) had upheld the AO's action of adopting an average rate of 2.22% based on rates of nine banks for making the adjustment u/s 92CA(3), instead of the suo-moto adjustment made by the assessee based on the actual cost incurred. The ITAT, considering the voluntary adjustment of 0.94% made by the assessee based on the actual amount paid to Standard Chartered Bank for the bank guarantee, and the smallness of the amount involved, deleted the addition made by the AO to put an end to the litigation.
The ITAT deleted the addition made by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] regarding the adjustment u/s 92CA(3) of the Income Tax Act. The issue pertained to the treatment of a guarantee/standby letter of credit issued by Standard Chartered Bank, New Delhi, as an international transaction. The CIT(A) had upheld the AO's action of adopting an average rate of 2.22% based on rates of nine banks for making the adjustment u/s 92CA(3), instead of the suo-moto adjustment made by the assessee based on the actual cost incurred. The ITAT, considering the voluntary adjustment of 0.94% made by the assessee based on the actual amount paid to Standard Chartered Bank for the bank guarantee, and the smallness of the amount involved, deleted the addition made by the AO to put an end to the litigation.
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