Income Tax Appellate Tribunal Archives

High Courts not precluded from scrutinizing ITAT’s determination of Arm’s Length Price vis-à-vis Transfer Pricing: Supreme Court

The Supreme Court asserted that it was always open for the High Court to consider and examine whether the Arm’s Length Price had been determined while taking into consideration the relevant guidelines under the Act and the Rules.

Case Briefs Supreme Court

CIT can revise erroneous order by Assessing Officer causing prejudice to revenue; Supreme Court overrules it’s 2000 verdict

The Supreme Court stated that the erroneous assessment order had resulted in loss of the Revenue in the form of tax. Thus, the High Court had committed a very serious error in setting aside the order passed by the Commissioner passed in exercise of powers under Section 263 of the Income Tax Act.

Legal RoundUp Tribunals/Regulatory Bodies/Commissions Monthly Roundup

Tribunal, Regulatory Bodies and Commissions Monthly Roundup | Top 13 Legal Stories covering Google-CCI case, FTS under India Netherlands DTAA, RCap Resolution, RBI Penalty on Amazon, SEBI Penalty on Arshad Warsi, and more from March 2023

Find interesting rulings by NCLT, NCLAT, RBI, ITAT, SEBI, NCDRC covering legal stories on FTS under India Netherlands DTAA, reconsideration of approved resolution plan in insolvency proceedings, definition of financial debt, compensation against doctor’s legal obligations, and much more.

Case Briefs Supreme Court

Supreme Court settles the dispute with respect to levy of interest and surcharge for belatedly filing Income Tax Return

Supreme Court noted that the ‘interest' only follows the ‘principal', therefore, the ‘principal' being the payable tax, resulted into no liability to pay the tax along with return. Consequently, held that there is no liability to pay interest if there was no liability to pay the tax.

Case Briefs High Courts

Transfer of PAN is consequential to the Order of transfer of jurisdiction; Bombay High Court holds PAN follows the jurisdiction not vice versa

Bombay High Court: In the present appeal filed under Section 260-A of the Income Tax Act, 1961 preferred against the

Case Briefs Supreme Court

Section 45(4) of Income Tax Act applies not only in case of dissolution but also when subsisting partners transfer assets to retiring partners

The bench of MR Shah and M.M Sundresh, JJ explained the importance of the words “or otherwise” inserted to Section 45(4) of the Income Tax Act, 1961 by the Finance Act, 1987

Case Briefs Supreme Court

Appropriate High Court for filing an appeal under Section 260A of the Income Tax Act would be the one where the Assessing Officer is situated: Supreme Court

“A judicial remedy must be effective, independent and at the same time certain. Certainty of forum would involve unequivocal vesting of jurisdiction to adjudicate and determine the dispute in a named forum.”

Case Briefs High Courts

Adjudication proceedings and criminal proceedings can be launched simultaneously; Madras High Court reiterates, setting aside of assessment orders on technical grounds not enough to quash criminal proceedings

Madras High Court: G. Chandrasekharan, J. declined to quash prosecution against actor SJ Suryah as the order of the Income Tax Appellate

Case Briefs Tribunals/Commissions/Regulatory Bodies

ITAT | Registration of a Religious or Charitable Trust under S. 12AA of Income Tax Act | On what basis is registration granted or denied to Trust? Read on

Income Tax Appellate Tribunal (ITAT): The Bench of Inturi Rama Rao (Accountant Member) and Partha Sarathi Chaudhary (Judicial Member), decided whether registration