Rulings ( 11320 results )

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High Court

HC: TPO’s interdiction post DRP order unwarranted; Quashes assessment, penalty proceedings

Feb 06, 2024
  • In Favour of Assessee
  • Citation Number : TS-30-HC-2024(DEL)-TP
  • Tax Payer : Louis Dreyfus Company India Pvt Ltd
Income tax Appellate Tribunal

ITAT: Upholds revision order citing deviation in treatment of forex loss without reason

Feb 05, 2024
  • In Favour of Revenue
  • Citation Number : TS-28-ITAT-2024(HYD)-TP
  • Tax Payer : Corteva Agriscience Services India Private Limited
Income tax Appellate Tribunal

ITAT: Applies corporate guarantee fee @ 0.5%; Accepts assessee's weighted average rate w.r.t loan-interest

Feb 05, 2024
  • In Favour of Both, Partially
  • Citation Number : TS-29-ITAT-2024(Mum)-TP
  • Tax Payer : The Tata Power Co Ltd
Income tax Appellate Tribunal

ITAT: Excludes functionally-dissimilar Nihilent Ltd resulting in deletion of entire adjustment

Feb 02, 2024
  • In Favour of Assessee
  • Citation Number : TS-26-ITAT-2024(Mum)-TP
  • Tax Payer : Ingram Micro India SSC Private Limited
Income tax Appellate Tribunal

ITAT: Character of loan, whether quasi-capital, to be seen at time of advancement

Feb 02, 2024
  • In Favour of Both, Partially
  • Citation Number : TS-27-ITAT-2024(Ahd)-TP
  • Tax Payer : Intas Pharmaceuticals Ltd.
Income tax Appellate Tribunal

ITAT: AO’s inaction, leading to time-barred assessment, is prejudicial; Upholds revision

Feb 02, 2024
  • In Favour of Revenue
  • Citation Number : TS-25-ITAT-2024(Mum)-TP
  • Tax Payer : JP Morgan Chase Bank N.A
Income tax Appellate Tribunal

ITAT: Affirms Revenue's treatment of 100-crore cash payment pursuant to merger as deemed loan

Feb 01, 2024
  • In Favour of Revenue
  • Citation Number : TS-24-ITAT-2024(Mum)-TP
  • Tax Payer : Dimexon Diamonds Ltd
Income tax Appellate Tribunal

ITAT: Deletes TP-adjustment on account of corporate guarantee; Follows precedent

Feb 01, 2024
  • In Favour of Assessee
  • Citation Number : TS-1268-ITAT-2019(Kol)-TP
  • Tax Payer : Hindusthan National Glass & Industries
Income tax Appellate Tribunal

ITAT: Allows Sec.80IA deduction qua sale of power, follows precedents

Jan 31, 2024
  • In Favour of Assessee
  • Citation Number : TS-21-ITAT-2024(RAI)-TP
  • Tax Payer : Mahendra Sponge & Power Pvt Ltd
High Court

HC: Disposes of appeal against Tribunal’s order deleting corporate-guarantee adjustment; Follows precedent

Jan 31, 2024
  • In Favour of Assessee
  • Citation Number : TS-23-HC-2024(CAL)-TP
  • Tax Payer : Hindusthan National Glass & Industries Limited
High Court

HC: Quashes time barred assessment; Directs release of refund adjusted against inexistent demand in 3 weeks

Jan 31, 2024
  • In Favour of Assessee
  • Citation Number : TS-22-HC-2024(DEL)-TP
  • Tax Payer : Readers Digest Book and Home Entertainment India P Ltd
Income tax Appellate Tribunal

ITAT: Deletes interest on share application money pending allotment; Follows earlier order

Jan 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-20-ITAT-2024(Mum)-TP
  • Tax Payer : Strides Pharma Science Ltd
High Court

HC: Directs AO to pass assessment order pursuant to ITAT remand within statutory timeline

Jan 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-748-HC-2023(DEL)-TP
  • Tax Payer : Aircom International (India) Pvt Ltd
Income tax Appellate Tribunal

ITAT: Deletes TP adjustment qua sale of power u/s 80IA; Follows earlier order

Jan 29, 2024
  • In Favour of Assessee
  • Citation Number : TS-18-ITAT-2024(Mum)-TP
  • Tax Payer : Birla Corporation Limited
High Court

HC: Condones delay of 1692 days basis TPO’s failure to communicate remarks to CIT

Jan 29, 2024
  • In Favour of Revenue
  • Citation Number : TS-19-HC-2024(MAD)-TP
  • Tax Payer : Doowan Automatic System India Pvt Ltd
High Court

HC: Closes assessee’s appeal on comparables’-selection and receivables adjustment issue

Jan 25, 2024
  • In Favour of None/NA
  • Citation Number : TS-747-HC-2023(DEL)-TP
  • Tax Payer : Corning SAS-India Branch Office
Income tax Appellate Tribunal

ITAT: Confirms royalty benchmarking under TNMM at entity level; Follows earlier orders

Jan 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-16-ITAT-2024(Bang)-TP
  • Tax Payer : Toyota Kirloskar Motor Private Limited
Income tax Appellate Tribunal

ITAT: Directs AO to give effect to TPO's order u/s. 154 excluding 3 comparables

Jan 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-17-ITAT-2024(Mum)-TP
  • Tax Payer : Maersk global Service Center India P Ltd
Income tax Appellate Tribunal

ITAT: Deletes notional interest on AE receivables, share application money; Applies rule of consistency

Jan 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-15-ITAT-2024(Mum)-TP
  • Tax Payer : Strides Pharma Science Ltd
Income tax Appellate Tribunal

ITAT: Treats forex loss/gains as operating in nature, remits working capital adjustment

Jan 23, 2024
  • In Favour of Both, Partially
  • Citation Number : TS-14-ITAT-2024(CHNY)-TP
  • Tax Payer : LS Automotive India Private Limited