Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
ITAT allowed the appeal of Assessee A, holding that the adjustment u/s 143(1)(a) on account of alleged mismatch with the tax audit report, relating to gain on actuarial valuation of gratuity liability routed through Other Comprehensive Income, was unsustainable. ITAT observed that actuarial gains/losses recognized under Other Comprehensive Income do not affect taxable income, as they are not routed through the Profit & Loss A/c, and Assessee A follows the payment basis for claiming deduction of gratuity. Consequently, the addition made in intimation u/s 143(1)(a) was directed to be deleted. On the issue of short grant of interest u/s 244A, ITAT directed the AO to recompute interest up to the actual date of refund payment.
ITAT allowed the appeal of Assessee A, holding that the adjustment u/s 143(1)(a) on account of alleged mismatch with the tax audit report, relating to gain on actuarial valuation of gratuity liability routed through Other Comprehensive Income, was unsustainable. ITAT observed that actuarial gains/losses recognized under Other Comprehensive Income do not affect taxable income, as they are not routed through the Profit & Loss A/c, and Assessee A follows the payment basis for claiming deduction of gratuity. Consequently, the addition made in intimation u/s 143(1)(a) was directed to be deleted. On the issue of short grant of interest u/s 244A, ITAT directed the AO to recompute interest up to the actual date of refund payment.
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