Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The CBDT issued Circular No. 9/2025, granting relief from higher TDS/TCS liability for inoperative PANs under Section 206AA/206CC. This aims to alleviate financial burdens on taxpayers affected by PAN issues.
The Bombay High Court quashed criminal prosecution under Section 276CC for ITR default as the petitioner demonstrated entitlement to a refund and that no revenue loss was caused. This marks a significant interpretation of tax compliance norms.
The ITAT has adjusted profit attribution for BBC Global News, reducing it from 15% to 12% due to changes in Permanent Establishment (PE) functions. This ruling clarifies the application of past MAP rates in profit attribution.
The ITAT has allowed an appeal where it deleted a Rs. 54 lakh addition related to cash deposits, accepting the taxpayer's explanation of acting as an intermediary in property transactions. This ruling provides a clear precedent on the treatment of cash transactions in income tax assessments.
The ITAT has ruled that the conversion of share application money into Compulsorily Convertible Debentures (CCDs) is not deemed income, thus deleting the corresponding income tax addition. This judgement provides insight into the treatment of financial instruments in tax assessments.
The ITAT has removed a disallowance of Rs. 38.47 crores under Section 40(a)(ia) of the Income Tax Act, attributing it to delays in filing Form 26A caused by technical issues. This decision underscores the importance of timely submissions amid potential system failures.
The ITAT has upheld an income tax addition of Rs. 33.60 lakh on non-genuine derivative losses uncovered under Project Falcon, emphasizing the rigorous scrutiny of claims related to derivative trades. This ruling accentuates the need for proper documentation in derivative transactions.
The Income Tax Appellate Tribunal (ITAT) has ruled that the net profit during the demonetization period from medicine business should be estimated at 4% of gross sales, allowing the appeal from the assessee. The tribunal directed the Assessing Officer (AO) to charge tax at normal rates and entitled the assessee to consequential relief.
The Directorate General of Foreign Trade has digitized voluntary duty payment records, mandating that only payments reflected on its portal will be accepted after August 1, 2026.
The Telangana High Court allows the manual revocation of GST registrations after cancellation due to the alleged non-existence of business at declared premises.
The Punjab and Haryana High Court has upheld the refund of unutilized ITC, stating that the classification of an intermediary cannot be altered arbitrarily.
The Kerala High Court quashed a composite GST notice covering multiple financial years, stating that separate notices must be issued for each year.