Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) Case Law Citation: -M/s. Cash Edge India (Pvt.) Ltd., vs. ITO, (ITAT DELHI), ITA No. 64/Del/2015, Date of Decision: 23.09.2015 Brief of the case: In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT […]
Voluntarily surrender of income can’t escape penalty if assessee deliberately not shown unaccounted income in return Case Law Citation: -DCIT Vs. M/s Sunrise Stock Services P.Ltd. (ITAT CHANDIGARH), ITA No. 694/ CHD /2011, Date of Decision: 12.08.2015 Brief of the case: In the case of DCIT Vs. M/s Sunrise Stock Services P.Ltd. Chandigarh bench of […]
Mandatory Requirement of Quoting of PAN The Government is committed to curbing the circulation of black money and widening of tax base. Where the transactions exceeds the specified limit the income tax rules required quoting of Permanent Account Number (PAN) to collect information of certain type of transactions from third parties in a non-instructive manner.
Top 25 Judgement for Year 2015 1. The Board of Control for Cricket in India (BCCI) though not a State under Article 12, is amenable to Writ jurisdiction under Article 226 of the Constitution since it discharges public functions. [Board of Control for Cricket in India & Ors Vs. Cricket Association of Bihar & Ors […]
Addition u/s 68 not sustainable where whole transaction supported by adequate & reliable evidences Citation of the Case: ITO vs. Ms. Khalil M. Bharwani (Mumbai ITAT), Income Tax Appeal No. 223 of 2011, Date of Judgment: 27/11/2015 Brief of the Case Mumbai ITAT held In the case of ITO vs. Ms. Khalil M. Bharwani that […]