AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT clarified that only grants received in the relevant year count for exemption under Section 10(23C)(iiiab), excluding cumulative grants from prior years.
The ITAT permitted a deduction claim on interest earned from security deposits associated with a loan to Andhra Bank, asserting it pertains directly to the business activity.
The compliance calendar for June includes critical deadlines for TDS payments, GST returns, and annual company-law reporting requirements, essential for practitioners to monitor.
The recent updates to the UDIN portal introduce field-level validation for Section 44AB, fostering greater trust among stakeholders and enhancing the integrity of the CA profession in financial reporting.
The ITAT has upheld the addition of ₹37.20 lakh as undisclosed income from automobile parts, stating that the assessee's retraction was invalid. The tribunal emphasized the weight of evidence presented to substantiate the claim of undisclosed income.
The ITAT has ordered fresh adjudication of a Section 148 notice issued by the Jurisdictional Assessing Officer instead of a Faceless Assessing Officer, highlighting procedural compliance in tax reassessment.
The ITAT has ruled that mere suspicion cannot substitute evidence in penny stock share transactions, deleting a ₹2.82 lakh addition under Section 68. This judgment reinforces the necessity of solid evidence in financial assessments.
The Orissa High Court has dismissed a writ petition challenging GST search authorisation, directing the petitioner to seek alternative remedies under Section 107. The ruling emphasizes the High Court's restraint in matters when effective alternatives are available.
The CESTAT has permitted BSNL to claim Cenvat credit for housekeeping services used for telecom operations, but denied credit for rent-a-cab services. This ruling clarifies the extent of applicable Cenvat credits within the telecommunications sector.
The ITAT ruled that an uncontroverted affidavit seeking delay condonation under Section 249(3) cannot be disregarded without contrary evidence. This maintains the integrity of the procedural framework in tax filings.
The ITAT restored an appeal relating to additions on poultry farm lease rent, ruling that the taxpayer's ill health constituted sufficient grounds for failing to respond to a show cause notice (SCN). This ruling underscores the importance of context in tax appeal procedures.
The ITAT remanded a case back to the assessing officer for reassessment following the submission of new evidence regarding loan repayments, emphasizing the need for comprehensive examination of evidence.
The ITAT upheld a CIT(A) order to limit disallowances related to a specific bogus party, deleting cash deposit additions on double taxation grounds.