Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
This article explores the intricacies of Section 56(2)(viib) of the Income Tax Act, which imposes tax on shares issued above Fair Market Value. Understanding the nuances of Fair Market Value assessment is vital for tax practitioners.
The Madras High Court acquitted a customs preventive officer charged with disproportionate assets, emphasizing the need for comprehensive asset assessment during investigations.
SEBI's proposed amendments to the Municipal Debt Securities Regulations aim to enhance retail investor participation through improved disclosures and new incentives.
The Orissa High Court has instructed the OSTT to resolve jurisdictional questions in a tax dispute under the OET Act, emphasizing the need for a comprehensive hearing.
The Bombay High Court has restrained GST penalty actions against a company director while reviewing jurisdictional challenges related to the penalty.
The Punjab and Haryana High Court dismissed a GST writ petition due to unexplained delays, reinforcing the doctrine of laches and the importance of timely action in legal challenges.
Courts have emphasized the need for comprehensive evidence in GST enforcement actions, arguing that missing old vouchers cannot be deemed as fake ITC without supporting documentation.
Gross GST collections for June 2026 reached ₹1.94 lakh crore, marking a 13.9% increase driven by higher domestic and import revenues.
The Gujarat High Court upheld the authority to issue service tax notices post-GST but quashed those issued beyond the limitation period. The court clarified statutory remedy requirements.
The Orissa High Court ruled that excise duty cannot be collected again on a transaction for which it has already been paid, supporting the principles of fair taxation.
The ITAT ruled that books of accounts cannot be rejected merely on suspicion or perceived low profit rates.
The ITAT has ruled that travel reimbursements to non-resident entities without profit elements are not taxable in India.