Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Madras High Court upheld the deletion of addition under Section 68 related to penny stock gains, emphasizing that mere suspicion does not replace the evidentiary link required to prove price manipulation. This ruling reinforces the necessity for tangible evidence in tax assessments.
The ICAI has reprimanded a Chartered Accountant for conducting three tax audits without a valid certificate of practice and imposed a fine of ₹50,000. This ruling emphasizes the necessity for compliance with certification regulations under the CA Act.
The Madras High Court has quashed a customs duty and penalty demand of ₹4.56 crore against a clearance facilitator, citing insufficient evidence of knowledge regarding concealed goods. This ruling reinforces the standards for liability in customs breaches.
The Delhi High Court has ruled that clearance from a Free Trade and Warehousing Zone (FTWZ) to a Domestic Tariff Area (DTA) constitutes a new import, thus denying related re-import exemptions. This ruling impacts businesses operating between FTWZ and DTA.
In a recent ruling, the Delhi High Court upheld customs liability related to manipulated duty scrips while setting aside the separate penalty imposed under Section 112. The decision clarifies the application of penalties in cases of forged documentation.
The Delhi High Court has upheld the refusal of CESTAT to condone a 968-day delay in a customs appeal, noting there was no substantial question of law or adequate reason provided for the delay. This reinforces the strict adherence to timelines in customs litigation.
The Gujarat High Court has ruled that customs authorities cannot indefinitely detain an imported vehicle without a formal seizure order. This decision highlights the legal limitations imposed by Section 110 of the Customs Act regarding the detention period of goods.
The ITAT Bangalore has granted transfer pricing relief by excluding functionally dissimilar and high-turnover comparables while treating doubtful debts as operating expenses.
ITAT Delhi has upheld the exclusion of functionally dissimilar BPO comparables and granted Section 10A deduction for IT-enabled services, emphasizing the need for accurate comparable selection in transfer pricing.
The Chhattisgarh High Court has upheld a compensation amount of Rs. 37.74 lakh for a motor accident victim, ruling that no tax deduction is applicable when the income falls within the Section 87A rebate threshold.
The ITAT Mumbai has restored the 12AB registration for the National Health & Education Society and rejected grounds of commerciality and foreign expenditure. This decision also allows the society to appeal for 80G registration.
The Delhi High Court has quashed a ₹533.79 crore sales tax demand against the Railways. The court ruled that only rolling stock owned and transferred to the Indian Railway Finance Corporation constitutes a taxable sale.