Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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.
The Income Tax Appellate Tribunal (ITAT) quashed a reassessment notice issued under Section 148, determining it was based on incorrect facts and assumptions. The ruling highlights the necessity of accurate representation of facts in reassessment proceedings.
Under new FEMA regulations, service exporters will be required to file monthly EDF declarations starting October 2026. Non-compliance may impact eBRC generation and GST refunds.
The Kerala High Court has quashed an order denying input tax credit, ruling that taxpayers who filed their returns within the extended cut-off date are entitled to the credit under Section 16(5). This decision clarifies statutory entitlements regarding timely filings.
The ITAT ruled that housing loan interest is allowable as part of cost of acquisition for calculating capital gains if it has not been claimed under Section 24(b).
The ITAT quashed the AO's assessment, stating that the officer exceeded of the scope of limited scrutiny as mandated by CASS guidelines.
The ITAT has determined that one-time maintenance and utility deposits are to be included in the cost of acquisition for capital gains calculation, establishing a precedent for similar cases.
The ITAT has remanded the case back to the Assessing Officer to consider new evidence of a bank statement supporting loan repayment. This document is crucial for verifying the genuineness of the transaction.
The Calcutta High Court ruled that a CFS operator is liable for cost recovery charges even without a formal sanction from customs posts, emphasizing the doctrine of 'substance over form'.
In a recent ruling, the ITAT allowed an appeal stating that additions made under Section 56 without establishing transfer details were unsustainable, emphasizing the necessity of thorough investigation.
The ITAT ruled that deductions for foreign travel and hotel expenses claimed against capital gains must demonstrate a direct connection with the property transfer, under Section 48 of the Income Tax Act.