Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25 - Taxindiainternational.com

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I-T - Draft assessment order is invalidated where issued in the name of an entity which ceased to exist on account of its amalgamation with another entity: ITAT (See Breaking News)

I-T - Profits from providing technical handling services as part of participation in international pool, whether to member or non-member airlines, are exempt from tax in India: ITAT (See Breaking News)

Budget 2026: Non-resident taxation almost becomes mainstream (See TII Edit)

I-T-Revisionary powers u/s 263 can be exercised where the AO's order is based on sound assessment of facts on proper enquiry: ITAT (See Breaking News)

I-T- Deduction u/s 80G of the Act can be claimed in respect of CSR Expenses: ITAT (See Breaking News)

TP - AO, having made reference u/s 92CA, was statutorily barred from independently determining ALP in absence of TPO order; ergo, revisionary power u/s 263 cannot be exercised in respect of an order which AO was not authorised to pass: ITAT (See Breaking News)

TP - Comparable company can be rejected if it is functionally dissimilar, as evidenced by factors like different business model, low employee cost, or fluctuating margins: ITAT (See Breaking News)

DTAA- Payments to foreign entities for ECB processing is not liable to tax under DTAA provisions where the technical know-how is not transferred: HC (See Breaking News)

TP - If delay in realizing receivables from Non-AEs was more than delay in realizing receivables from AEs, calls for ALP adjustment, if there existed no trade practice of not charging interest on export receivables: ITAT (See Breaking News)

TP - If final assessment order passed by AO u/s 143(3) r.w.s. 144C(13) r.w.s. 144B is beyond upper time limit provided u/s 153(1) and Section 153(4), then said order is beyond limitation period: ITAT (See Breaking News)

TP - Upper time limit for passing final assessment order u/s 143(3) r.w.s. 144C(13) r.w.s. 144B, is governed by provisions of Section 153(1) and Section 153(4): ITAT (See Breaking News)

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Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25 By TII News Service Sep 29, 2024 , New Delhi
Untitled Document GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO 10/2024; Dated: September 29, 2024 Subject: - Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25- reg. On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, extends the specified date of furnishing of report of audit under any provision of the Act for the Previous Year 2023-24, which was 30th September, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th October, 2024. [F. No. 225/205/2024/ITA-II] (Dr. Castro Jayaprakash.T) Under Secretary to the Government of India

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