AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has deleted a ₹3.74 lakh penalty imposed on a salaried employee for failing to file income tax returns despite a ₹30 lakh income, citing bona fide belief regarding TDS requirements.
The ITAT has ruled that penalties incurred for the wrongful availment of CENVAT credit cannot be claimed as business expenses under Section 37(1) of the Income Tax Act.
The ITAT has ruled that for cash jewellery sales below Rs. 2 lakh, a buyer's PAN is not required, emphasizing that suspicion cannot replace evidence. This ruling led to the deletion of a ₹13.68 crore addition by the Assessing Officer.
Lakshmanan Meyyappan has achieved the distinction of becoming the world's youngest male Chartered Accountant at the age of 16, reflecting a remarkable academic achievement in the field of accounting.
The Institute of Chartered Accountants of India has deemed derogatory remarks made by a CA regarding ITR portal issues as inappropriate but not amounting to professional misconduct. The ruling highlights the balance between free speech and professional integrity.
The Karnataka High Court dismissed income tax appeals regarding alleged unaccounted medical fees, ruling that uncorroborated seized materials are insufficient to sustain tax additions. This judgment highlights the evidentiary standards in tax assessments.
The Income Tax Department has initiated a nationwide verification campaign aimed at scrutinizing 394 entities and 36 professionals linked to suspicious foreign remittances. This action arises from discrepancies between reported turnovers and remittance amounts, signaling increased scrutiny in foreign transactions.
The Rajasthan High Court has ruled that a GST order not visible on the online portal does not extinguish the recipient's right to appeal.
The ITAT ruled that interest awarded under the Land Acquisition Act cannot be taxed as income.
ITAT validated the physical transfer of unlisted shares, allowing for capital loss claims.
The ITAT affirmed the CIT(A)'s directive to estimate a 16% profit on unaccounted receipts during a search.
The Delhi High Court has stayed reassessment proceedings under Section 148, highlighting the importance of supplying all material relied upon in administrative actions. This ruling reinforces procedural rights of taxpayers during reassessment.
In a recent ruling, the Pune ITAT upheld that the lift cost of ₹72.69 lakh should be included as part of the work-in-progress (WIP) under the percentage completion method, rejecting prior period expense claims. This ruling reinforces the treatment of project-related costs for tax assessments.