Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
The Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue Department against the order of the Commissioner of Income Tax (Appeals). The Tribunal upheld the disallowance of provision for overdue interest claimed by the assessee, finding no infirmity in the CIT(A)'s order. The issue was identical to a previous case decided by the Nagpur Bench of the Tribunal. The Tribunal relied on Section 43D of the Income Tax Act, which permits income by way of interest in relation to bad and doubtful debts to be chargeable to tax as per RBI guidelines. Although Section 43D was made applicable to cooperative banks from the assessment year 2017-18, the Tribunal held that being a beneficial provision, it may be permitted to apply retrospectively. The Tribunal observed that Section 43D, being a non-obstante provision, overrides Section 145 of the Act.
The Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue Department against the order of the Commissioner of Income Tax (Appeals). The Tribunal upheld the disallowance of provision for overdue interest claimed by the assessee, finding no infirmity in the CIT(A)'s order. The issue was identical to a previous case decided by the Nagpur Bench of the Tribunal. The Tribunal relied on Section 43D of the Income Tax Act, which permits income by way of interest in relation to bad and doubtful debts to be chargeable to tax as per RBI guidelines. Although Section 43D was made applicable to cooperative banks from the assessment year 2017-18, the Tribunal held that being a beneficial provision, it may be permitted to apply retrospectively. The Tribunal observed that Section 43D, being a non-obstante provision, overrides Section 145 of the Act.
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