AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT ruled that SEBI's findings on scrip manipulation invalidate the bogus loss addition on genuine trading transactions, deleting a ₹72.28 lakh addition.
The ITAT ruled that brand promotion and trade incentive expenses are revenue in nature and deleted a ₹6.66 crore addition.
Following the disclosure of massive cash deposits and GSTR-3B turnover, the ITAT remanded the case to restore a ₹41.98 lakh deduction claim.
The ITAT granted partial relief, restricting the estimated profit rate on suppressed turnover from 8% to 2.5% for the taxpayer.
The ITAT has ruled that interest earned from investments in nationalized banks qualifies for deduction under Section 80P(2).
The ITAT ruled that action against a ₹41.63 lakh agricultural income claim was unjustified due to detailed AO verification.
The ITAT has upheld that penalty proceedings under Section 271(1)(c) cannot be resolved before the corresponding quantum appeal is adjudicated.
CESTAT ruled that mandarin juice is distinct from orange juice and should be categorized under the residual citrus juice category for customs purposes.
The Ministry of Corporate Affairs has imposed a ₹4 lakh penalty on Innoctive Technologies for prematurely utilizing funds raised through private placement. This enforcement action underscores the importance of compliance with funding regulations.
The CBIC has officially designated Village Namli, Ratlam, as a new customs station for imports and exports. This designation is expected to enhance trade access in the region, facilitating smoother customs operations.
The Directorate General of Foreign Trade (DGFT) has mandated that requests for leave or official tours by HQ officers must be submitted for prior approval. This procedural change aims to streamline processes within the department.
The Calcutta High Court has directed the GST Authority to consider the petitioner’s request for an extension of time to appear for an enquiry due to a leg fracture. This decision emphasizes the court's consideration of genuine health issues affecting legal obligations.
The article outlines the requirements for filing GST Nil Returns despite zero sales or tax liabilities, emphasizing compliance to avoid penalties.