AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Directorate General of Foreign Trade (DGFT) has introduced six new Standard Input Output Norms (SIONs) for chemicals and allied products. This development streamlines the Advance Authorisation process by permitting Regional Authorities to directly issue authorisations, enhancing efficiency in approvals.
The Karnataka HC remanded the Motorola Mobility case to a single judge, allowing the assessee to challenge the validity of the retrospective amendment under Section 147A.
The ITAT found no evidential basis for allegations of cash exchange in loan routing and deleted an addition of ₹1.26 crore, reinforcing the validity of transactions through banking channels.
The ITAT held that genuine long-term capital gain claims cannot be denied based solely on SEBI reports, particularly when supported by substantial documentary evidence.
The ITAT ruled that a procedural delay in filing Form 67 should not obstruct a treaty-based Foreign Tax Credit claim, granting relief of ₹10.06 lakh.
The ITAT directed the Assessing Officer to verify if a double addition was made in the income assessment of Hyundai Motor, taking into account the involvement of international transactions.
The ITAT partly allowed an appeal, remanding issues regarding ₹11.14 crore in bogus purchases and ₹16.76 lakh in labour charge disallowance for fresh verification, citing unverified transactions.
The RBI has initiated its annual survey on Computer Software and IT Services Exports for the fiscal year 2025-26, aimed at enhancing data collection for external sector statistics.
The ITAT has determined that a notice under Section 148 issued by a Jurisdictional Assessing Officer rather than a Faceless Assessing Officer necessitates fresh adjudication. The tribunal emphasized the procedural importance of issuing such notices correctly.
The ITAT has annulled a ₹2.82 lakh addition made under Section 68, emphasizing that suspicion cannot replace solid evidence in share transactions. The judgment affirms the validity of the trades backed by credible records.
The Income Tax Appellate Tribunal (ITAT) has deleted an addition of ₹1.12 crore under Section 69A, concluding that the referenced bank-recorded loans were genuine. The tribunal stated that the reassessment grounds became academic following this deletion.
The ITAT has upheld a ₹37.20 lakh addition of undisclosed income, declaring the taxpayer's retraction invalid. This ruling reveals the tribunal's stance on asserting tax liabilities.
The ITAT has removed a ₹1.12 crore addition under Section 69A, determining the bank-recorded loans to be genuine. This finding underscores the importance of verifiable documentation in tax assessments.