Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT ruled that profits from the sale of Transferable Development Rights (TDR) are taxable as capital gains when existing land is surrendered. This clarifies the taxation process as per Section 45.
The ITAT quashed an assessment order due to mechanical approval granted under Section 153D of the Income Tax Act. This ruling highlights the need for thorough scrutiny in tax approvals.
The ITAT ruled that filing a return in response to a Section 148 notice does not automatically attract penalties under Section 271(1)(c) if reasonable cause exists for the delay. This ruling clarifies that reasonable circumstances must be considered in penalty assessments.
CESTAT has reinstated an appeal by SBI, allowing it to present merits after fulfilling the mandatory pre-deposit requirement during ongoing proceedings. This decision emphasizes the importance of compliance with procedural requisites.
The Income Tax Appellate Tribunal (ITAT) ruled that income disclosed after receiving a notice under Section 148 does not attract deemed concealment where reasonable cause exists for the late filing. This decision clarifies the standards for imposing penalties under tax law.
The Telangana High Court has permitted a fresh application for revocation of GST registration cancellation, emphasizing due process following a six-month cancellation period for non-filing.
The Gujarat HC ruled against a Rs. 53.20 lakh vehicle tax demand, ruling that the absence of a Non-Use Certificate does not automatically imply vehicle use. This decision clarifies taxpayer rights in tax assessments.
The ITAT has deleted a ₹3.74 lakh penalty imposed on a salaried employee for failing to file income tax returns despite a ₹30 lakh income, citing bona fide belief regarding TDS requirements.
The ITAT has ruled that penalties incurred for the wrongful availment of CENVAT credit cannot be claimed as business expenses under Section 37(1) of the Income Tax Act.
The ITAT has ruled that for cash jewellery sales below Rs. 2 lakh, a buyer's PAN is not required, emphasizing that suspicion cannot replace evidence. This ruling led to the deletion of a ₹13.68 crore addition by the Assessing Officer.
Lakshmanan Meyyappan has achieved the distinction of becoming the world's youngest male Chartered Accountant at the age of 16, reflecting a remarkable academic achievement in the field of accounting.
The Institute of Chartered Accountants of India has deemed derogatory remarks made by a CA regarding ITR portal issues as inappropriate but not amounting to professional misconduct. The ruling highlights the balance between free speech and professional integrity.