AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT Mumbai allowed an appeal where the taxpayer fully repaid a loan in the same year. The ruling clarifies that loan transactions cannot be construed as income under Section 68.
ITAT Bangalore has ruled that a non-cash benefit from acquiring land below its market value is taxable under Section 28(iv). This decision clarifies the tax implications of undervalued asset transactions.
ITAT Mumbai has deleted a ₹62 lakh addition under Section 69 due to inadequate corroborative evidence from third-party statements and Excel entries. This ruling underscores the importance of having substantiating documentation in tax assessments.
The Karnataka High Court has upheld a KVAT demand of ₹12.61 lakh against Yes Bank, finding no errors in the reported turnover discrepancies. This decision reinforces the importance of accuracy in VAT reporting.
The Bombay High Court clarified that interest on excise refunds under section 11BB begins from the expiry of three months from the date of the original application, not from the appellate order.
The Karnataka High Court has ruled that the limitation period for appealing a service tax adjudication order commences from the date of communication of the order. This decision quashes a garnishee order, emphasizing clarity on appeal timelines.
The Income Tax Appellate Tribunal (ITAT) ruled that the department must substantiate the assessee's individual financial contribution before taxing the entire joint property acquisition.
In a recent judgment, the Delhi High Court allowed a belated revised return after it was determined that a taxpayer mistakenly paid tax on the same income in two different assessment years.
The Madras High Court has determined that suspension of evidence is insufficient for disallowances under Section 68 concerning penny-stock LTCG claims, reinforcing the necessity for substantial proof in such assessments.
The Gujarat High Court has quashed a Section 148 notice issued against a deceased taxpayer for the assessment year 2012-13. The ruling highlights the necessity of issuing notices only to legally responsible individuals.
ITAT Delhi has ruled in favor of a taxpayer by deleting the section 270A penalty where disputed treaty income was fully disclosed, confirming that the taxability issue was debatable. This decision underscores the importance of transparency in tax declarations.
The ITAT Bangalore has deleted the addition under section 69A, confirming that agricultural sale proceeds substantiated by relevant records can stand even if the crop is missing in the RTC. This ruling emphasizes the importance of documentation in agricultural transactions.
The Fourth Amendment to FEMA Non-Debt Instruments Rules, 2019 now permits inventory-based e-commerce exports of Indian goods under the Foreign Trade Policy 2023. This update is a key regulatory development that expands the framework for e-commerce operations.