Failure To Produce Share Certificate Is No Basis To Doubt Share Purchase Transaction: Mumbai ITAT Refers Art 265 Of Constitution Case Title: Shantaben Fathechand Mehta verses Income-tax Officer Referring to Article 265 of the Constitution of India, the Mumbai ITAT remanded the case to the file of AO with direction to verify factual aspects, pertaining to the purchase of the …
The Chennai ITAT recently held that the final assessment order dated Nov 21, 2017 passed after expiry of one month from the end of the month in which the DRP directions were received by the Revenue is barred by limitation and hence, “passed wholly without jurisdiction and therefore, null in the eyes of law”. Section 144C of Income tax Act …
While upholding ALP adjustment on LOC in case of Axis Bank, the Ahmedabad ITAT rules on difference between letter of comfort and guarantee commission. With respect to LOC being equated to bank guarantees, the Bench comprising Annapurna Gupta and T.R Senthil explains that bank guarantee is a kind of guarantee from a lending organization to cover a debtor's liabilities if …
Noticing that the draft assessment order was passed on Mar 4, 2022 and the assessee filed objection before the DRP on Apr 6, 2022 which was beyond the due date provided for filing objection, the Delhi ITAT held the assessment order to be time-barred being passed beyond Section 144C of Income tax Act, 1961 time-limit. Since the final Assessment Order …
The Delhi Bench of ITAT, consisting of members Astha Chandra and N.K. Billaiya, has ruled that routine business support services are not taxable as fees for technical services since they do not make any technology or skill available to the recipient of the services. The appellant Magotteaux International contended before the AO that in accordance with Article 12 of the …
