AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
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.
The Gujarat High Court quashed reassessment notices after determining they were based on an unverified complaint found on a third party's phone. This decision stresses the importance of proper evidence in tax reassessment procedures.
The Madras High Court ruled that the option for bad debt deduction under Section 36(1)(vii-a) is exclusively the assessee's, and not to be overridden by the Assessing Officer. This ruling emphasizes taxpayer rights regarding deductions.
The Supreme Court ruled that income received from an Association of Persons (AOP) constitutes profit share, not revenue share, and thus is not taxable in the hands of its members. This ruling clarifies the tax treatment of AOP income distributions.