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Additions U/s 69C On Account Of Excess Stock Can't Be Based On Third Party Statements Alone Without Any Corroboration: Delhi ITAT

Rights Held By Taxpayer As Confirming Party In Sale Deed Is Capital Asset As Per Sec 2(14) And Liable For LTCG: Ahmedabad ITAT

On finding no infirmity in the order passed by the CIT, the Ahmedabad ITAT confirmed that rights held by the assessee as a Confirming Party in the Sale Deed is a capital asset within the meaning of Section 2 and liable for LTCG and the assessee is also eligible to claim deduction u/s. in legal prospective.” As per the brief …

Foreign-AEs Being Least Complex Entities Can Be Accepted As Tested Party, Confirms Kolkata ITAT

The Kolkata ITAT accepted foreign AE as tested party, and deleted the ALP adjustments qua export of software services and receipt of account management charges in case of assessee, engaged in providing a wide range of IT solutions. After comprehensive FAR analysis, the Co-ordinate Bench arrived at a conclusion that foreign AEs are least complex entities and, therefore, these should …

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Foreign AE Can Be Accepted As Tested Party: Mumbai ITAT Deletes ALP Adjustment Qua Export Of Formulations

While deciding on ALP adjustments qua export of goods to AEs and guarantee commission in case of a pharma company, engaged in manufacturing and marketing of formulations in India, the Mumbai ITAT accepted foreign AE as tested party. The Bench comprising B.R Baskaran and Rahul Chaudhary observed that “so far the assessee herein is concerned and qua the transfer pricing …

Filing Return By Due Date U/s 139 Is Mandatory For Political Party To Claim Exemption U/s 13A: Delhi ITAT Refuses To Stay Recovery Against Congress Party

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Political Party

Expressing disappointment over the Income Tax Appellate Tribunal’s dismissal of the Congress party’s appeal against imposition of penalty for discrepancies in tax returns for previous years, the party on Friday said it was exploring all legal options and will move the High Court very soon. Mr. Maken termed the I-T Department’s action to take away funds from the party’s accounts …

Congress party's plea to stay IT action against its bank accounts dismissed

The Income Tax Appellate Tribunal has rejected a plea filed by the Congress Party seeking a stay on Income Tax Department proceedings to recover dues and freeze their bank accounts. IT department's response The IT department argued on February 21 that the demand would not hinder Congress's electoral activities, citing the party's substantial financial resources. Previous allegations and clarifications On …

Kolkata ITAT Deletes Addition Made Based On Third-Party Statement Who Was Not Allowed To Be Cross- Examined By Assessee

Finding that assessee has discharged the burden of proving identity, creditworthiness, and genuineness of the creditors to the loan transaction, the Kolkata ITAT deleted the addition made for alleged unexplained loan under Section 68 of Income Tax Act, 1961 based on the statement of third-party in a post-search assessment whose cross-examination was never allowed to assessee. The Member of the …

ITAT Sustains Disallowance As Cash Payment Exceeds Rs. 20,000 To Single Party In Single Day

The Chennai Bench of the Income Tax Appellate Tribunal has sustained the disallowance under section 40A of the Income Tax Act as a cash payment exceeds INR 20,000 to a single party in a single day.The two-member bench headed by Mahavir Singh and G. Manjunatha has observed that Section 40A, which has been amended w.e.f. The Chennai Bench of the …