Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT has ruled that purchases cannot be deemed bogus when there is a one-to-one correlation with corresponding sales, reinforcing the importance of substantiating transaction legitimacy.
The Calcutta High Court has ruled that the amended limitation period under Section 149 of the Income Tax Act applies retrospectively to reassessment proceedings. This decision aligns with the Supreme Court’s interpretation of statutory amendments.
The Delhi High Court ruled that CBDT circulars cannot compel a 20% deposit in every stay application, marking a significant precedent in taxpayer rights and administrative procedure.
The ITAT Ahmedabad held that interest income from co-operative banks is eligible for a deduction under Section 80P, aligning with prior Gujarat High Court rulings.
The Delhi High Court invalidated an assessment order for failing to consider the reply filed by the assessee, a significant ruling reinforcing the principles of natural justice in tax assessments.
The GCCI has called on the Centre to restore the 5% withholding tax rate for Foreign Portfolio Investors in government securities and rupee bonds, claiming that the current rate hampers India’s market appeal.
The ITAT reaffirmed that only the profit margin from unrecorded sales is taxable under Section 69A, dismissing the revenue's broader appeal for full taxation on such sales.
The ITAT ruled that a bona fide error in the application form cannot serve as a basis to deny registration under Section 12A of the Income Tax Act. This decision highlights the leniency towards honest mistakes in documentation.
The ITAT ruled that amounts reflected in Form 26AS cannot be automatically deemed taxable turnover. Verification and reconciliation with actual books are essential before such determination.
The Calcutta High Court has directed petitioners to manually file GST appeals due to a technical glitch in the GST portal and has condoned the delay stemming from this issue.
The ITAT Mumbai deemed the rectification valid under Section 154 following the issuance of Form 3CL by DSIR for eligible R&D deductions. This reinforces the importance of procedural adherence in tax rectification processes.
The ITAT ruled that the transfer of leasehold rights along with constructed property falls within the scope of Section 50C. This decision mandates fresh adjudication on reassessment validity.