Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT Kolkata emphasized that the CPC must consider pending condonation applications before deciding on exemption claims under Section 11 when Form 10B is delayed.
The ITAT Cochin determined that land integral to an approved housing project must meet the one-acre requirement for Section 80-IB(10) deductions, ruling that unrelated land cannot be counted.
The ITAT Mumbai held that the fair market value of surrendered tenancy rights serves as the cost of acquisition for properties redeveloped under such schemes, impacting assessment of capital gains.
The Orissa High Court quashed a Section 143(2) notice issued by an authority without jurisdiction, leaving the door open for the competent authority to issue a proper notice in compliance with legal standards.
The ITAT ruled that a delayed submission of Form 3CLA does not negate eligibility for a weighted deduction under Section 35(2AB) if substantive conditions are met. The appeal resulted in the removal of a ₹2.07 crore disallowance.
The ITAT confirmed the disallowance of specific project support costs classified as head office expenses due to the failure to deduct TDS. The ruling requires adherence to compliance standards under the Income Tax Act.
The ITAT held that the identity and source of funds established through the sale of agricultural land to Microsoft negated the need for additions under Section 68. The ruling emphasizes the importance of substantiating sources of funds.
The Karnataka High Court annulled an arbitral award due to the tribunal's failure to consider vital GST invoices, demonstrating the legal imperative for arbitral bodies to account for all evidence in tax-related disputes.
The ITAT ruled that transfer pricing analysis must adhere to principles established by UAPA. Adjustments for royalty and FTS are limited to those rates accepted by CBDT.
The ITAT has ruled that indexed cost of improvement is allowable when computing capital gains, even if deemed sale consideration is assessed under Section 50C.
The ITAT has remanded a case involving ₹2.53 crore in unexplained cash transactions back to the CIT(A) for re-examination. The tribunal deemed an affidavit insufficient and ordered a comprehensive review of all relevant tax records.
The ITAT ruled that the retention of marriage gifts and large household cash must be substantiated by credible evidence. The tribunal's decision emphasizes the importance of timely documentation for large unexplained sums of money.