AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Karnataka High Court annulled an arbitral award due to the tribunal's failure to consider vital GST invoices, demonstrating the legal imperative for arbitral bodies to account for all evidence in tax-related disputes.
The ITAT ruled that transfer pricing analysis must adhere to principles established by UAPA. Adjustments for royalty and FTS are limited to those rates accepted by CBDT.
The ITAT has ruled that indexed cost of improvement is allowable when computing capital gains, even if deemed sale consideration is assessed under Section 50C.
The ITAT has remanded a case involving ₹2.53 crore in unexplained cash transactions back to the CIT(A) for re-examination. The tribunal deemed an affidavit insufficient and ordered a comprehensive review of all relevant tax records.
The ITAT ruled that the retention of marriage gifts and large household cash must be substantiated by credible evidence. The tribunal's decision emphasizes the importance of timely documentation for large unexplained sums of money.
The Karnataka High Court quashed a tax assessment order against a Primary Agricultural Co-operative Society, ruling that the assessment lacked the society's participation, violating due process.
The Karnataka High Court has ruled that agricultural cooperatives may claim deductions under Section 80P, provided they prove lending credit facilities only to their members as an intermediary organization.
The Kerala High Court has dismissed a writ appeal concerning a penalty under Section 271D of the Income Tax Act, directing the taxpayer to pursue available statutory remedies instead. This reinforces the statutory framework for tax appeals.
The ITAT ruled that reassessment proceedings cannot be initiated during an IBC moratorium, quashing the assessment order based on this principle.
The CBDT has outlined parameters for the compulsory scrutiny of income tax returns for FY 2025-26. This includes identifying significant cases involving searches and reassessments.
Real estate promoters are now liable to pay GST under the reverse charge mechanism for TDR, FSI, and long-term leases received.
The Karnataka High Court remanded cases related to the retrospective insertion of Section 147A of the Income Tax Act, granting assessees the opportunity to challenge its constitutional validity.
The ITAT has established that an amount exceeding ₹50 lakhs must be present for reopening an assessment after three years, invalidating prior approvals under Section 151.