Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Delhi High Court has set aside orders rejecting an exporter’s claims regarding ICEGATE technical glitches, citing a violation of natural justice due to the lack of a personal hearing.
The Kerala High Court ruled that a partner cannot claim deductions under section 36(1)(iii) for loans invested as capital in a firm if they do not run an independent business. The decision clarifies the parameters for claiming deductions related to partner loans.
The ITAT determined that capital gains should be taxed in the year of property transfer, not the year of registration of the sale deed.
The ITAT ruled that merely not appearing of directors cannot negate the documentary evidence supporting transactions in unexplained income cases.
The ITAT has partially allowed an appeal clarifying that agricultural land retains its classification even when sold to a non-agriculturist.
The ITAT has deleted a tax addition due to a clerical error in the audit report, asserting that such minor errors do not warrant income tax assessments.
The ITAT has ruled that additions made under Section 56 without determining transfer details are unsustainable, highlighting issues of misclassification.
The ITAT has ruled that for deductions of foreign travel and hotel expenses against capital gains under Section 48, there must be direct evidence linking the expenses to the transfer of property.
The ITAT has ruled that clerical errors in tax audit reports do not constitute taxable income, reaffirming that such mistakes cannot justify tax additions or disallowances.
The ITAT has ruled that a delay in filing an appeal by an NRI will be condoned if the individual pursued remedy before the incorrect forum under a bona fide belief.
The RBI has issued new directions to enhance the capital adequacy norms for commercial banks to bolster financial stability and resilience.
The RBI has introduced amendments to enhance the financial reporting standards for commercial banks through updated presentation and disclosure requirements.