AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Delhi High Court clarified that Long Term Capital Gains (LTCG) is taxed at 20%, not 22%. The Court set aside the earlier declaration made by CIT(A) and ITAT due to reliance on incorrect facts related to interest under Section 234B.
The Delhi HC ruled that defects in the mode or timing of GST hearing notices do not invalidate the proceedings without demonstrable prejudice to the taxpayer. Actual harm must be shown for an adjudication to be voided.
In a ruling involving the determination of the Sale Deed Value (SDV), the ITAT clarified that the date of allotment should be treated as the effective date of agreement in property transactions, rather than the date of registration.
The ITAT has ruled that the CIT(A) must decide the applicable TDS rate on CAM charges, clarifying whether it should be charged at 2% under Section 194C or 10% under Section 194-I. The order highlights the imperative of accurate fact-finding in tax assessments.
The Hyderabad ITAT has condoned a 1,404-day delay in filing and declared that BSNL VRS-2019 compensation is eligible for full exemption under Section 10(10B).
The Supreme Court declined to interfere with a High Court decision that upheld the deletion of penalties under Section 271(1)(c) due to the issuance of an ambiguous notice, leaving the question of law open.
The Karnataka High Court has granted anticipatory bail to GST dealers accused in a bogus input tax credit scheme, emphasizing that genuine purchasers cannot be penalized without proof of collusion.
The Allahabad High Court has held that failure to file objections before the Dispute Resolution Panel (DRP) bars the challenge to an assessment order, emphasizing procedural compliance in tax disputes. This reinforces the requirement for taxpayers to adhere to stipulated procedural mandates to ensure their rights to challenge assessments.
The Income Tax Appellate Tribunal (ITAT) has ruled that Fair Market Value (FMV) will be treated as the Cost of Acquisition under Section 49(2AA) in computing capital gains on Employee Stock Options (ESOPs) for Non-Resident Indians (NRIs). This ruling provides significant tax relief for NRIs in relation to capital gains taxation on ESOPs.
The Allahabad High Court has ruled that failure to file objections before the Dispute Resolution Panel (DRP) bars individuals from challenging assessment orders, emphasizing compliance requirements.
The ITAT upholds the fair market value as the cost of acquisition under Section 49(2AA) for NRIs calculating capital gains on ESOPs, providing significant relief for foreign investors.
The CESTAT has ruled that the extended period of limitation cannot be invoked for excise duty demands based on ER-6 returns, clarifying taxpayer rights regarding assessments.
The CESTAT has permitted CENVAT credit on residential facilities provided to work-from-home employees, recognizing business operations' evolving structure.