Income Tax Appellate Tribunal issues multiple rulings on Indian tax disputes

The Income Tax Appellate Tribunal (ITAT) has issued several rulings across various Indian jurisdictions involving complex tax disputes, transfer pricing, and assessment procedures.

In Hyderabad, the ITAT upheld an order for Western Constructions, estimating a 16% profit on unverified seized material following a search operation. In New Delhi, the tribunal allowed Escorts Ltd to claim capital losses on the sale of unlisted shares, ruling that physical transfers of such shares are valid.

In Bangalore, the tribunal quashed a revision order against Karnataka Hitech Agro Enterprises regarding the deduction of partner remuneration against undisclosed income. Meanwhile, the Pune bench ruled in favor of Schlumberger India Technology Centre Private Ltd., excluding several companies, including Bhilwara Infotechnology and Aspire Systems, from being used as comparables for transfer pricing adjustments.

Additionally, the Delhi ITAT remanded an assessment for Hitachi Astemo Haryana Private Ltd. after finding that the final assessment order failed to incorporate mandatory directions from the Dispute Resolution Panel.