Sale of property reported by ‘Mahesh Bhupathi’ in ITR does not absolve buyer’s liability to deduct tax u/s 195.
Nitesh Estates Ltd. v. ADIT – [2022] 140 taxmann.com 400 (Bangalore-Trib.).
When two views are possible and AO has accepted one, PCIT cannot assume jurisdiction u/s 263.
Jai Prakash Garg v. PCIT, 2022-TIOL-768-ITAT-DEL.
TP – Aggregation of Transactions – Where payment made by assessee to AE towards cost contribution charges was integral part of core business of assessee and, therefore, transaction of cost contribution charges was aggregated with transactions related to business and benchmarked under TNMM, TPO was not justified in applying CUP as most appropriate method for computing ALP of cost contribution charges treating same as separate class of transactions.
Ingersoll Rand Technologies and Services (P.) Ltd v. Assistant Commissioner of Income-tax – [2022] 140 taxmann.com 135 (Bangalore-Trib.).
CBDT mandates e-filing of certain forms, returns or statements.
Notification No. 03/2022, dated 16-07-2022.
Company should be engaged in money lending business is not a criterion to allow claim of bad debts on money advanced.
Pranava Electronics (P.) Ltd. v. DCIT – [2-22] 140 taxmann.com 9 (Bangalore-Trib.).
Sufficiency or inadequacy of reasons to believe cannot be examined while considering validity of search.
PCIT (Investigation) v. Laljibhai Kanjibhai Mandalia – [2022] 140 taxmann.com 282 (SC).