AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT Delhi has ruled that reassessment based solely on a Revenue Audit objection is invalid unless supported by fresh tangible evidence. The decision reiterates the need for substantial grounds beyond mere change of opinion for reassessment under the Income Tax Act.
The CESTAT Mumbai ruled that a demand notice issued without a mandatory show cause notice under Section 28 of the Customs Act is invalid. This reinforces the legal requirement for proper notice before recovery proceedings.
The ITAT has ruled that Joint Development Agreements and occupancy certificates disclosed before IT searches cannot be deemed incriminating material under Section 153A of the Income Tax Act, impacting the scope of tax searches.
The ITAT Bangalore contended that Section 45(5A) of the Income Tax Act does not apply retrospectively, allowing tax practitioners to navigate JDAs executed before April 1, 2018 without retrospective capital gains tax implications.
The ITAT Delhi has ruled that the recent amendment to Section 32(1)(ii) of the Income Tax Act regarding goodwill will apply prospectively. This decision guarantees tax depreciation on goodwill acquired prior to the amendment.
SEBI has issued clarifications regarding PAN rules for Foreign Portfolio Investors (FPIs) following compliance challenges posed by new Income-tax application forms. The relaxations are designed to simplify documentation and facilitate the onboarding process for FPIs.
The ITAT clarified that occupancy certificates and Joint Development Agreements disclosed to the Income Tax Department before a search cannot be deemed as incriminating material for the purpose of invoking Section 153A.
The ITAT Bangalore ruled that Section 45(5A) of the Income Tax Act does not apply retrospectively to Joint Development Agreements executed before April 1, 2018. Consequently, capital gains from these agreements cannot be taxed upon receipt of the occupancy certificate.
The Supreme Court upheld previous rulings on the classification of quicklime, affirming that it falls under CTH 2522 based on purity standards.
The ITAT Ahmedabad ruled that the Supreme Court's disallowance of LTC exemption involving foreign travel does not apply retroactively to create TDS default liability for prior periods covered by judicial protection.
In a recent ruling, the CESTAT stated that currency cannot be seized based on mere suspicion of smuggling; a clear nexus must be established.
The CESTAT has ruled that the liquidated damages received by BrahMos Aerospace do not constitute taxable consideration under service tax laws.
The AAAR has ruled that Flipkart’s hub-based collection and doorstep delivery resembles a courier service rather than a Goods Transport Agency (GTA) service, applicable to 18% GST.