Income Tax Judiciary updates -09 Oct 2021

1. Share Transfer without consideration or at a price lower than FMV not attracts Section 56(2)(vii)
(ITO Vs. Shri Rajeev Ratanlal Tulshyan (ITAT Mumbai) order dated 01 Oct 2021)

2. Direct beneficial interest in asset/ bank account is a pre-requisite for issuing Notice u/s 148 (DCIT Vs Ganpat Singhvi (ITAT Mumbai, order dated 01 Oct 2021)

3. Computer accessories & peripherals entitled to higher depreciation rate (Waters (India) Private Limited Vs DCIT (ITAT Bangalore Order dated 01-10-2021)

4 SC defers hearing in Faceless Assessment Scheme for 3 Months
( Central Board of Direct Taxes Vs Lakshya Budhiraja & Anr. (Supreme Court of India dated 01 Oct 2021)

5 TNMM is most appropriate method if transactions are relatable & inter­related (Wieland Metals India Private Ltd. Vs ITO (ITAT Bangalore dated 22 Sept 2021)

6. AO cannot estimate GP rate without rejection of books & without showing defects ( Sanjay Agrawal Vs DCIT (ITAT Raipur) dated 24 Sept 2021)

7.No disallowance under rule 8D(2)(ii) RW section 14A if interest free funds exceeds investment (Nashik Road Deolali Vyapari Sahakari Bank Ltd. Vs ACIT (ITAT Pune) dated 16 Sept 2021)

8. Deduction of Interest waived under OTS Scheme DCIT Vs K.S. Diesels Ltd. (ITAT Mumbai) dated 29th Sept 2021

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