Amritsar ITAT: Since no addition was made on the issue for which re-assessment notice was issued to the assesee, there was no jurisdiction to make addition on any other issue. Entire re-assessment proceedings held invalid. Order quashed.

Pune ITAT: Proportionate deduction claimed u/s 80IB(10) for completed portion of the project allowable only if the said completed portion is actually habitable

Varanasi ITAT: Where complete details were filed along with bills and vouchers, the assessee has discharged its onus and now it was upon the AO to point out specific defects in the books of accounts as well as bills and vouchers after making necessary enquiries and investigation and the authorities ...are to point out which expenses are not allowable and reasons thereof. No adhoc disallowances can be made in absence of such investigation by AO show more

Delhi ITAT:  Excise duty refund and interest subsidy received are ‘capital receipts’ and not to be included in book profits for the purpose of computing tax payable u/s 115JB

Expenses incurred by a Pharmaceutical company for distributing gift cards to medical practioneers, punishable as per Circular issued by Medical Council of India under MCI Regulations, 2022. And therefore expenditure incurred in distribution of freebies would not be allowed as deduction in view of Ex...planation – 1 to Section 37(1) of the Act. show more

Chennai ITAT: Managerial expenses paid to AE to be duly substantiated with documentary evidences for claiming allow ability and determining ALP  Where actual expenditure incurred on providing warranty was less than balance available in the provision for warranty account provision made rightly a...dded back show more

Bangalore ITAT: Search operation. Documents found for certain undisclosed expenses. Additional income admitted as business receipts, but offered to tax by filing only a revised return during assessment proceedings. Additional income cannot be taxed by invoking provisions of sec 115BBE, by taxing the... undisclosed expenses u/s 69C, as the source of such expenses already stood explained in the statements recorded during search as business receipts, and nothing was brought on records by AO to contend that assessee had any other source of income than that already stated. Sec 115BBE do not apply, show more

Mumbai ITAT: S. 147: Re-assessment notice issued beyond a period of 4 years from the end of relevant AY where assessment has been completed once u/s 143(3) and then u/s 143(3) r.w.s.153A, without recording any satisfaction that there was a fault on the part of the assessee to disclose truly and full...y all the material facts required for assessment is invalid. show more

Time liit for passing order by AO when the matter is remended back to the TPO/DRP for fresh adjudication shall be governed by provisions of Sec 153 and not clauses (12) and (13) of Sc 144C.

Visakhapatnam ITAT: Adjustments by TPO/DRP determining ALP w.r.t Notional interest on overdue receivables from AEs and Corporate guarantees given to AEs explained

Kolkata ITAT: Where creditors had duly responded to notice issued u/s 133(6) and submitted all the requisite details, addition made by AO on the grounds that there was difference in the opening balances of ledgers provided by the assessee and the creditors, cannot be sustained as there was no disput...e regarding the quantum of current years’ transactions. Addition cannot be made by treating the opening balance as unexplained show more

Fee paid to a NRI company (resident of Hongkong) towards training for development of soft skills cannot be said to be covered under Explanation 2 to clause (vii) of sec 9(1) of the Act, as the same is neither for Technical or managerial services nor for consultancy. TDS provisions do not apply

Income Tax Act: Deduction u/s 54 of the Act claimed in the year of sale of original asset is allowable if the sale consideration is duly deposited in the capital gain scheme of a bank. The taxability of the amount not so utilized for construction/ purchase shall arise only in the year when the stipu...lated time period expires. Deduction claimed cannot be disallowed in the year of sale on the ground that the amount from capital gain scheme was not utilized within the stipulated period. A marginal delay of five months in purchase of new asset is condonable, especially when the reason for delay was beyond control of assessee. show more

Ahmedabad ITAT: Amount paid for hosting assessee’s website on the server of Foreign company, is nothing but one type of included services with regard to web and its future use. Amount paid thus included in definition of ‘Royalty and fee for included services’ as provided in explana...tion 5 to sec 9(1)(vi).Non deduction of TDS, held as default and invoking sec 201(1) / 201(1A) held correct. show more

amortized amount of premium paid to obtain forward contract to mitigate the risk of exchange rate fluctuation on external borrowing, availed to develop its capital project contract is allowable as revenue expenditure in accordance with ‘AS-11’