AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has ordered a remand of demonetisation-era cash deposit additions under Section 68 for fresh verification. The tribunal upheld Section 80P deductions for a co-operative society despite the number of nominal members being low.
The ITAT ruled that the mere modus operandi of lenders is insufficient to support an addition under Section 68 of the Income Tax Act without direct evidence against the taxpayer. This decision is crucial for protecting taxpayers from arbitrary additions.
ITAT ruled that deductions under Sections 80IB and 80HHC can be computed independently, provided the aggregate deduction does not exceed the eligible profits. This distinction is significant for taxpayers seeking to maximize their deductions.
The ITAT ruled that a real estate company cannot be classified as a shell entity solely because of its significant transactions and low initial profits. This decision clarifies the parameters for defining a shell entity in taxation.
This article reviews how recent Companies Act amendments impact tax treatment of penalties, CSR expenditures, and related party transactions, emphasizing the interplay between corporate law and tax law.
The ITAT quashed Section 153A assessments due to falling outside the 10-year block period, highlighting stringent adherence to statutory timelines.
The ITAT quashed Section 153C assessments due to lack of valid satisfaction notes regarding seized documents purportedly belonging to a third party.
Despite statutory mandates, the ITAT ruled that corporate social responsibility expenses remain voluntary and hence qualify for deductions under Section 80G.
The ITAT ruled that an Income Tax notice issued after April 1, 2021, is time-barred under the TOLA concession, emphasizing adherence to statutory deadlines in tax assessments.
The ITAT ruled that evidence from documents seized from a third party is insufficient for tax assessments, emphasizing that entries from third parties cannot be deemed credible without the taxpayer's knowledge.
The Income Tax Appellate Tribunal (ITAT) ruled that a clerical error regarding a bank guarantee in the tax audit report cannot be treated as income. The Tribunal deleted a ₹9.41 lakh addition based on improper accounting.
The Andhra Pradesh High Court has quashed tax assessment orders due to the Assessing Officer's failure to disclose the basis for a yield benchmark, citing violations of natural justice principles.
The Digital Personal Data Protection Act, 2023 outlines individual rights regarding personal data handling and the compliance responsibilities for organizations. Tax advocates must understand these new obligations to provide effective counsel on digital privacy matters.