AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has quashed an income tax reassessment notice issued three days beyond the six-year limitation period, declaring it as without jurisdiction. This decision reinforces the importance of adhering to statutory timelines for reassessment notifications.
The ITAT has dismissed an appeal against Aditya Birla Sun Life Insurance, ruling that reinsurance premiums do not qualify as consultancy or technical services. The court found that Indian subsidiaries cannot be treated as permanent establishments for the payee as they did not provide reinsurance services.
The Rajasthan High Court has condoned a 101-day delay in filing a GST appeal, instructing the Appellate Authority to determine the appeal based on merits. This ruling points towards judicial leniency in procedural timelines.
The Calcutta High Court has granted Protiva permission to pursue an appeal under Section 107 of the CGST Act, acknowledging unique medical circumstances. The order showcases the court's discretion in the interest of justice.
The Supreme Court upheld the CESTAT ruling granting service tax relief for mining rights before 2016, denying Revenue's appeal for interference.
The Madras High Court has upheld the rectification of inadvertent GSTR-1 errors for fiscal year 2017-18, dismissing the Revenue's appeal. This ruling highlights the need for flexibility in tax compliance due to software limitations.
The ITAT ruled that a ₹21.60 lakh loan received by a wife from her husband cannot be treated as unexplained, provided proper documentation is presented. The decision shifts the burden to Revenue to establish its case.
In a significant ruling, the ITAT has determined that interest earned on margin money used for opening letters of credit is taxable as business income under the Income Tax Act.
The ITAT held that documented purchases cannot be deemed bogus solely based on a supplier's GST compliance issues. The ruling underscores the importance of evidence linking a purchaser to fraudulent transactions.
The Telangana High Court ruled that share premium received from a non-resident shareholder on a fresh share issue is considered a capital receipt, not taxable income. This decision has important implications for taxation practices in corporate finance.
In a recent ruling, the ITAT determined that ₹5.25 crore in demonetised cash could not be taxed in the hands of the taxpayer due to a lack of substantial evidence linking the cash to the individual. The case emphasizes the importance of clear linkage in tax assessments.
Clarification has been issued regarding the tax implications and FEMA regulations concerning money remitted from children living abroad, including ITR reporting and documentation requirements.
The Telangana High Court ruled that share premium received from a non-resident shareholder during a fresh share issue is categorized as a capital receipt and not taxable income.