Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
For benchmarking research support services, a company selected as a comparable was held to fail the turnover filter since its turnover was only INR 3.65 crores; the AO/TPO was directed to rework the arm's length analysis by applying filters correctly and excluding that company, with consequent TP adjustment, if any, to be recomputed. On disallowance of employees' PF contribution for delayed credit, where the assessee had remitted the amount and it was debited from its bank within the stipulated date but credit to EPFO was delayed due to technical glitches beyond its control, the disallowance was deleted and the ratio in Checkmate Services was held inapplicable, resulting in the appeal being allowed. - ITAT
For benchmarking research support services, a company selected as a comparable was held to fail the turnover filter since its turnover was only INR 3.65 crores; the AO/TPO was directed to rework the arm's length analysis by applying filters correctly and excluding that company, with consequent TP adjustment, if any, to be recomputed. On disallowance of employees' PF contribution for delayed credit, where the assessee had remitted the amount and it was debited from its bank within the stipulated date but credit to EPFO was delayed due to technical glitches beyond its control, the disallowance was deleted and the ratio in Checkmate Services was held inapplicable, resulting in the appeal being allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
