AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has determined that income tax proceedings initiated under Section 153C are invalid due to reliance on a defective satisfaction note. This ruling is significant for taxpayers challenging the validity of tax assessments.
The ITAT has ruled that Advertising and Marketing Promotion (AMP) expenses of Samsung India cannot be subjected to benchmarking due to the absence of any international transactions. This decision clarifies the criteria needed for functional benchmarking under Indian tax laws.
The ITAT has ruled that if the Assessing Officer (AO) fails to conduct a thorough inquiry regarding an investor's creditworthiness, the Principal Commissioner of Income Tax (PCIT) must undertake such an investigation. This decision underscores the importance of proper scrutiny in income tax assessments.
The Delhi High Court ruled that lawyers providing insolvency services must collect and remit GST, marking a significant decision on tax compliance in legal services.
The ITAT ruled that failure to disclose foreign bank accounts in income tax returns can activate proceedings under the Black Money Act, even if the accounts were opened prior to the act. This ruling highlights the necessity for full disclosure in tax returns.
The Supreme Court has clarified that when income is estimated and books of accounts are rejected, the Income Tax Department cannot rely on those books for making separate additions which were not estimated by the Assessing Officer. This decision underscores the importance of maintaining accurate and justifiable accounts.
The Delhi High Court has ruled that the Assessing Officer can critique the flaws in Discounted Cash Flow (DCF) methodology but cannot modify the expected rate of return used in share valuation under Section 56(2)(viib).
The Allahabad and Karnataka High Courts determined that mere route deviation does not warrant GST detention or penalties if documents are legitimate and no tax evasion is proven.
The Kerala High Court has allowed Input Tax Credit (ITC) under Section 16(5), directing reconsideration of claims for returns filed before the extended cut-off date.
The Rajasthan High Court has ruled that imposing GST on college affiliation fees is unsustainable, reinforcing the legal argument against such levies.
The Delhi High Court set aside a prior GST adjudication order, allowing the appellant a fresh personal hearing and opportunity to submit a reply, imposing a cost of ₹20,000.
The Allahabad High Court quashed a GST officer's notice demanding Rs. 5.76 crore from HCL, citing prejudicial remarks that demonstrated bias against the taxpayer. The court has ordered the matter to be remanded for further proceedings if jurisdictional facts are established.
The Delhi High Court clarified that Long Term Capital Gains (LTCG) is taxed at 20%, not 22%. The Court set aside the earlier declaration made by CIT(A) and ITAT due to reliance on incorrect facts related to interest under Section 234B.