Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Supreme Court ruled that importers must challenge assessment orders before filing for customs duty refunds, establishing crucial procedural requirements.
New customs notification grants a full exemption from customs duty and AIDC on raw cotton imports from June until October 2026, aiding the agricultural sector.
Recent amendments to the Companies Act significantly alter the tax treatment related to penalties, CSR expenditures, and buybacks, necessitating a reevaluation of corporate tax strategies.
The MCA has amended Schedule VII of the Companies Act to include Zero Coupon Zero Principal Instruments in CSR, broadening avenues for social contribution.
The CESTAT clarified that the limitation period for claiming refunds under Rule 5 begins at the end of the quarter in which the Foreign Inward Remittance Certificate (FIRC) is received. This emphasizes the significance of the FIRC date in service export validation.
The Delhi High Court determined that a company with a turnover of ₹86 lakh cannot be equated with American Express’s ₹782 crore turnover for transfer pricing analysis. The ruling underscores the importance of scale in financial comparisons.
The Karnataka High Court has remanded the challenge against the retrospective amendment of Section 147A of the Income Tax Act back to a single judge for consideration. The assessee has been granted four weeks to explore the validity of the amendment, while the Revenue has three weeks for a response.
The Delhi HC ruled that a company's ₹86 lakh ITeS turnover cannot be compared with American Express's ₹782 crore turnover for transfer pricing analysis due to the significant scale differences. This ruling impacts how companies approach transfer pricing assessments in India.
The ITAT ruled that reassessment proceedings through Section 148 of the Income Tax Act issued by the Jurisdictional Assessing Officer (JAO) necessitate remand for fresh adjudication. This decision highlights the procedural importance of adherence to established protocols in tax assessments.
The Delhi High Court ruled that expenses like phones and cars incurred by companies cannot be deemed personal expenditure. This ruling overturns a previous income tax disallowance, affirming that companies, as separate legal entities, do not incur personal expenses unlike individuals.
Delhi High Court ruled that company expenses such as phone and car are business-related and not personal, reversing previous income tax disallowance. This distinction highlights the unique nature of corporate expenditures compared to individual assessments.
The ITAT ruled that the Principal Commissioner of Income Tax (PCIT) exceeded jurisdiction by raising new issues not included in the show-cause notice. This ruling is critical for delineating the boundaries of PCIT authority.