AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has deleted an addition of ₹3.89 crore under Section 56(2) of the Income Tax Act, holding that the anti-evasion provision does not apply to transfers of leasehold rights, which are distinct from land or building transactions.
Finance Minister Nirmala Sitharaman has indicated that the government is open to reviewing the long-term capital gains (LTCG) tax regime ahead of the Budget 2027, amid growing calls for reform from investors and industry stakeholders.
The ITAT has deleted an addition of ₹2.45 crore on account of in-house R&D deduction, holding that the Assessing Officer (AO) exceeded the scope of limited scrutiny by raising issues not specified in the notice under Section 143(2) of the Income Tax Act.
ITAT deletes ₹2.45 crore addition on R&D expenses, holding AO exceeded 'limited scrutiny' scope without prior approval for new issues.
Section 112(9) CGST provides deemed stay on recovery during GSTAT appeal if 25% pre-deposit is made, protecting taxpayers from coercive action.
Anticipatory bail denied in a Rs. 20 lakh GST fraud case involving forged invoices; court cites need for custodial interrogation.
Rajasthan High Court ruled that insolvency of a supplier under IBC does not excuse compliance with Section 16(2)(c) GST conditions for claiming ITC, even if tax remains unpaid.
The Madhya Pradesh High Court ruled that challenges to GST product classification must be addressed in appellate proceedings, not writ petitions, and such appeals are exempt from limitation periods.
Complete guide to ODI under FEMA 2022: 400% net worth limit, RBI approval thresholds, loan/guarantee norms, APR and FLA reporting.
Reserve Bank of India requires all goods and services exporters to file an Electronic Declaration Form (EDF) with designated banks from October 1, 2026 to streamline forex reporting and compliance.
Institute of Chartered Accountants of India removed a CA's name for one year for failing to report material financial irregularities and going concern risks in audit of a company involved in ₹1,150 crore fund diversion.
The ITAT held that disallowance under Section 14A is unsustainable if no income was earned during the relevant period, particularly prior to the 2022 Explanation, clarifying the precondition for invocation.
The ITAT upheld a ₹2.05 crore penalty on a Zee Group entity for claiming depreciation on non-existent assets, rejecting the argument that disclosures during a survey were involuntary.