No TDS default under section 201 applies for EDC payments if payee satisfies first proviso conditions. Issue Whether the assessee can be treated as an assessee-in-default under section 201(1) and saddled with interest under section 201(1A) for non-deduction of TDS under section 194C on External Development Charges (EDC) paid to HUDA/HSVP on directions of DTCP,… Read More »
Corporate Guarantee Commission Rate Restricted to 0.60 Percent Following Consistency Rule, and TDS Reconciliation Remanded for Re-Verification Issue Whether the Transfer Pricing Officer (TPO) was justified in departing from the established 0.60% arm’s length corporate guarantee rate by relying on external bank guarantee rates, and whether short credit of TDS/TCS granted by the Assessing Officer… Read More »
Unrelated Parties’ Royalty Agreement Cannot Be Subjected to Transfer Pricing Adjustments or Section 37(1) Benchmarking Issue Whether royalty paid by a resident assessee to an unrelated foreign entity under an arms-length trademark license agreement can be subjected to transfer pricing adjustments under Section 92A or disallowed as excessive under Section 37(1). Facts Agreement & Transaction:… Read More »
Allotment and buy-back of equity shares known to alleged benamidars does not constitute a benami transaction. Allotment and buy-back of equity shares known to alleged benamidars does not constitute a benami transaction. Issue Whether creation of trade payables, conversion into securities premium, and allotment/buy-back of shares known to job workers fall under Section 2(9)(C) of… Read More »
Date of share transfer determines capital gains accrual, preventing substitution of subsequent higher transaction pricing. Issue Whether the Assessing Officer was justified in treating two separate share transfers executed on different dates at different prices as a single composite transaction and substituting the higher subsequent price for the earlier transfer to assess capital gains. Facts… Read More »
Depreciation on Acquired Intangibles Allowed and Captive Power and Steam Transfers Upheld at Market Value Issue Whether an assessee is entitled to depreciation under Section 32 on intangible assets (brands and trade names) acquired pursuant to a demerger, when the issue is covered by Tribunal orders in the assessee’s own case for earlier years. Whether… Read More »
Unauthenticated Digital Evidence Lacking Hash Value Integrity and Chain of Custody Cannot Basis Unexplained Additions Issue Whether additions made under Sections 69 and 69C based on digital images and WhatsApp conversations retrieved from a third party are legally sustainable when statutory safeguards, hash value verification, and chain of custody under Section 65B of the Evidence… Read More »
ITAT Rules in Favor of Assessee on Transfer Pricing, Subsidies, and Section 32AC While Upholding Revenue’s Section 43B Disallowance ITAT Rules in Favor of Assessee on Transfer Pricing, Subsidies, and Section 32AC While Upholding Revenue’s Section 43B Disallowance Issue Whether internal CUP based on State distribution tariffs, capital subsidies exemption, Section 32AC deduction on CWIP,… Read More »
Unexplained Additions Under Section 68 Are Unsustainable When Assessee Discharges Initial Burden of Proof Through Cogent Evidence Unexplained Additions Under Section 68 Are Unsustainable When Assessee Discharges Initial Burden of Proof Through Cogent Evidence Issue Whether the additions made under Section 68 of the Income-tax Act, 1961 were legally sustainable when the assessee furnished documentary… Read More »
Provisional and Confirmed Benami Attachment Valid Despite Prior PMLA Attachment Due to Non-Disclosure Provisional and Confirmed Benami Attachment Valid Despite Prior PMLA Attachment Due to Non-Disclosure Issue Whether an Initiating Officer can validly pass and continue a provisional attachment under Section 24 of the PBPT Act, 1988, leading to confirmation under Section 26(3), when the… Read More »