Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT ruled that the costs related to improvements cannot be disallowed solely based on a subsequent cancellation of a supplier's VAT registration.
The ITAT upheld the deletion of additions that were made solely on procedural grounds, emphasizing substantive evaluation over mere technicalities.
The ITAT deemed State Bank of India liable for not deducting tax on LFC payments related to foreign travel and distinguished a past High Court order based on the absence of specific interim relief.
The ITAT Delhi found that notional interest on advances cannot be taxed unless there is actual income accrual, ensuring fair tax treatment for business transactions.
Starting June 1, the new E-Way Bill threshold in West Bengal will be ₹50,000, down from ₹1 lakh. This change impacts small and medium enterprises, necessitating updates to invoicing and transport documentation.
The ITAT upheld the genuineness of software development charges, countering the Department's objections regarding the movement of trust funds out of India based on a digital forensic report.
This week’s roundup from the ITAT covers significant cases, including rulings on software development charges validity and share application additions. It highlights critical legal principles relevant for tax practitioners.
The ITAT ruled that a genuine mistake made in the withdrawal of an appeal does not undermine a settlement reached under the Direct Tax Vivad Se Vishwas Scheme, 2020, emphasizing the intent to resolve disputes.
The ITAT ruled that if a one-to-one correlation between purchases and corresponding sales is established, the purchases cannot be classified as bogus. This decision supports genuine business transactions.
The ITAT has held that a bona fide mistake in filing a withdrawal of an appeal does not nullify a settlement reached under the Direct Tax Vivad Se Vishwas Scheme.
The ITAT Mumbai has ruled that accommodation entry operators can only be taxed on a 1% commission of their turnover, not the entire turnover amount. This decision clarifies the tax implications for such entities.
The RBI mandates the filing of FLA Returns to ensure disclosure of foreign liabilities and assets as of 31 March. This requirement applies without fresh transactions.