AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Calcutta High Court has quashed ongoing IGST refund proceedings, determining that the omission of Rule 96(10) renders the basis for show-cause notices invalid. This decision addresses the legal implications of procedural lapses in tax assessments.
The ITAT Visakhapatnam quashed a Section 148 notice for reassessment initiated beyond the six-year limitation, affirming statute limitations in tax proceedings.
The Madras High Court ruled that an unregistered Joint Venture Agreement without actual transfer of possession does not trigger capital gains tax, providing clarity on tax liabilities in such transactions.
The SAFEMA Appellate Tribunal ruled that purchasing flats under third-party names using one's own funds constitutes a benami transaction. This interpretation relates to Section 2(9)(A) of the amended Benami Act.
The SAFEMA Appellate Tribunal ruled that routing demonetized cash through third-party accounts constitutes a benami transaction. This ruling clarifies that cash is considered property under the PBPT Act.
The Supreme Court upheld the Delhi High Court's ruling which clarified that unutilized MODVAT credit constitutes actual payment under Section 43B, impacting tax assessments.
The ITAT upheld the deletion of income tax additions against a jeweller, asserting that suspicion alone cannot warrant tax liabilities without evidential defects being identified.
The ITAT ruled that penalties for under-reporting income in line with Section 270A are not maintainable without clear evidence of intentional misreporting.
The ITAT set aside a write-off on an abandoned wind project, upholding claims for forward premium amortization and higher vehicle depreciation. This ruling advances the precedent for similar claims.
The ITAT clarified that participation in reassessment proceedings does not remedy the absence of a notice under Section 143(2) of the Income Tax Act. This ruling underscores the requirement for procedural compliance in tax reassessments.
The ITAT ruled that capital gains addition cannot be maintained if the underlying sale transactions are contested in a civil court. This clarifies the threshold for reassessment in cases involving disputed transactions.
The Supreme Court upheld the Delhi High Court's ruling that unutilized MODVAT credit constitutes actual payment under Section 43B. This decision solidifies the interpretation of credit utilization in tax liabilities for businesses.
The Gujarat High Court quashed a Section 148 notice because it lacked a credible link to the assessee's financial activities. This ruling reinforces the principles of evidence requirement in tax reassessments.