Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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.
India has defined Virtual Digital Assets (VDAs) for tax purposes, establishing compliance measures for TDS and other income sources. This includes provisions for gifts and mining income, clarifying the parameters for taxation in the crypto space.
The Karnataka High Court ruled that the retrospective amendment of Section 16(5) of the CGST Act extended the eligibility for claiming ITC for returns filed before November 30, 2021.
The Bombay High Court ruled that GST show cause notices under Section 74 cannot consolidate assessments from multiple financial years, emphasizing the independent nature of each year's tax assessments.