AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT ruled that the Transferable Development Rights (TDR) sale is taxable as capital gains when land and buildings are surrendered in exchange for acquiring these rights, affirming the applicability of Section 45 of the Income Tax Act.
The GSTAT has upheld a demand for ₹4.72 lakh against cinema operators, asserting that ticket prices must reflect the GST rate reduction from 18% to 12%.
The GSTAT has ordered Laureate Buildwell to disburse ₹14.95 lakh in ITC benefits to its customers following a DGAP investigation into anti-profiteering practices.
The GSTAT ruling on Bhandari Scrap and Safecon affirms clarifications on GST ITC eligibility, particularly regarding supplier tax defaults and the applicability of Section 74 for fraud proceedings.
ITAT ruled that a subsidy from an associated enterprise qualifies as operating revenue, removing a TP adjustment.
The ITAT Bangalore has employed turnover and related party transaction (RPT) filters to exclude certain comparables, while still allowing a Section 10A deduction ahead of offsetting non-10A losses.
The ITAT Mumbai has partially allowed Red Hat India's appeal, remitting transfer pricing issues while permitting working capital adjustments and removing the unearned revenue addition.
The ITAT Bangalore has excluded Infosys and three other comparables from the transfer pricing benchmarking, allowing for working capital adjustment and granting Section 10A deductions on enhanced profits.
The ITAT Hyderabad has excluded six comparables from the transfer pricing analysis due to significant turnover and functional differences. The tribunal also mandated a remanded computation of profit margins alongside a standardized 90-day credit period for receivables adjustment.
The CBDT has issued new rules under the Foreign Assets of Small Taxpayers Disclosure Scheme, enhancing compliance requirements for taxpayers while promoting transparency in foreign asset reporting.
The Kerala High Court ruled that a delay in filing a rectification application does not negate a taxpayer's entitlement to Input Tax Credit (ITC), reinforcing the importance of access to tax benefits.
The Telangana High Court has affirmed that reassessment under the Income Tax Act can continue even after Corporate Insolvency Resolution Process (CIRP) approval, clarifying the limits of liability extinguishment post-resolution.
The Calcutta High Court quashed the automatic confirmation clause in ITAT proceedings related to Section 68, restoring the appeal for fresh adjudication and reducing the imposed cost.