Recent Ruling on Income Tax

1. K. Gopi vs DCIT (ITAT)

 

Mere furnishing of affidavit and confirmation letters from the parties cannot itself prove the genuineness of the transaction as required u/s 68 of the IT Act.

 

2.  DIT vs. Prudential Assurance Company Ltd. (HC)

 

AAR Ruling - Binding Precedent- Subsequent advance ruling in third-party case does not supersede advance ruling obtained by the assessee. Therefore, reopening of assessment was not justified because the Authority for Advance Ruling’s finding in the assessee matter continued to govern the assessee assessment.

 

3. Scott R. Bayman vs CIT (HC)

 

The renovation expenditures paid by the employer on employer-provided accommodations are not taxed separately as income to the employee when the employer had already included the value of the accommodations in India in the employee’s taxable income.