AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Income Tax Appellate Tribunal (ITAT) has ruled that no assessment or reassessment proceedings can be initiated against a company during the moratorium period under the Insolvency and Bankruptcy Code, 2016.
In response to increasing backlog, the ITAT has implemented a priority disposal mechanism for appeals filed by 2022. This initiative aims at expediting hearings and reducing delays in tax litigation.
The CBI has arrested an Income Tax Office Superintendent in Odisha for allegedly accepting a bribe to delete a duplicate PAN card. This case highlights ongoing efforts to combat corruption in public offices.
SEBI has found prima facie evidence of revenue misrepresentation by Rajesh Exports, highlighting a lack of verifiable subsidiary records supporting reported revenues. This raises significant concerns about the accuracy of financial disclosures.
Recent MCA changes broaden CSR scope by endorsing investment in Zero Coupon Zero Principal Instruments.
New amendments by the MCA allow companies to utilize CSR funds through Zero Coupon Zero Principal instruments listed on the Social Stock Exchange, offering a regulated avenue for CSR investments.
The Pune ITAT ruled that Section 68 applies to customer advances, affirming that real estate developers must substantiate these credits to avoid tax complications.
The Bombay High Court ruled that compensation under the National Highways Act is exempt from TDS as per the Land Acquisition Act. This decision quashed earlier orders imposing TDS deductions.
The Madras High Court has quashed the equalisation levy demand on Zoho's reimbursements made to its US subsidiary, ruling it exempt under current tax provisions. This decision orders a reconsideration of a Rs. 57.1 crore refund claim.
The Madras High Court upheld a Rs.700 crore income tax demand, clarifying that assessment orders made during the Settlement Commission proceedings were valid. This ruling reinforces the jurisdiction of assessing officers in cases where interim court orders are involved.
The Supreme Court ruled that importers must challenge assessment orders before filing for customs duty refunds, establishing crucial procedural requirements.
New customs notification grants a full exemption from customs duty and AIDC on raw cotton imports from June until October 2026, aiding the agricultural sector.
Recent amendments to the Companies Act significantly alter the tax treatment related to penalties, CSR expenditures, and buybacks, necessitating a reevaluation of corporate tax strategies.