Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT has directed the CIT(A) to reassess a co-operative society's claim regarding Section 80P deductions, emphasizing the need for substantiation of the claim. This ruling addresses the treatment of ₹19.37 lakh taxed as income from other sources.
The ITAT has deleted a penalty under Section 271D of the Income Tax Act, ruling that the Assessing Officer failed to record requisite satisfaction for initiating proceedings.
The ITAT has ruled that mere loan confirmation letters do not suffice to establish the creditworthiness of creditors for unsecured loans, and cases must be remanded for further verification.
The ITAT held that the absence of a formal gift deed does not justify income tax addition under Section 69 when investment sources are substantiated through bank records.
CBIC has updated tariff values for palm oil, soybean oil, and brass scrap effective from 30 May 2026, while maintaining existing values for gold and areca nuts.
Customs Duty and Agriculture Infrastructure Development Cess concessions introduced for specified imports from Oman effective 1 June 2026, aimed at encouraging trade.
The Tribunal ruled that modular kitchen products maintain their identity as household articles and should not be classified as furniture. Customs demands based on such a classification were overturned.
The ITAT clarified that only grants received in the relevant year count for exemption under Section 10(23C)(iiiab), excluding cumulative grants from prior years.
The ITAT permitted a deduction claim on interest earned from security deposits associated with a loan to Andhra Bank, asserting it pertains directly to the business activity.
The compliance calendar for June includes critical deadlines for TDS payments, GST returns, and annual company-law reporting requirements, essential for practitioners to monitor.
The recent updates to the UDIN portal introduce field-level validation for Section 44AB, fostering greater trust among stakeholders and enhancing the integrity of the CA profession in financial reporting.
The ITAT has upheld the addition of ₹37.20 lakh as undisclosed income from automobile parts, stating that the assessee's retraction was invalid. The tribunal emphasized the weight of evidence presented to substantiate the claim of undisclosed income.