AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT Delhi quashed a Section 271D penalty of ₹65 lakh citing a lack of assessment and recorded satisfaction for penalty proceedings, indicating procedural requirements must be met.
Section 194N mandates TDS deduction by banks on cash withdrawals exceeding prescribed limits. Non-filers face higher rates, while certain entities are exempt.
The Madras High Court has ruled that unregistered property transfers cannot substantiate depreciation claims under the Income Tax Act.
The ITAT ruled that income tax assessments based solely on suspicion regarding transactions lack validity unless legal proof of wrongdoing is presented.
The ITAT has held that unpaid GST cannot be disallowed under Section 43B if the liability is not claimed as an expenditure in the profit and loss account.
The ITAT has ruled that payments made under Corporate Social Responsibility (CSR) fulfill the criteria for deductions under Section 80G of the Income Tax Act, provided all conditions are met.
The Rajasthan High Court has quashed a penalty against an Assessing Officer, ruling that an error of judgment does not constitute misconduct. The decision underscores the standards required for disciplinary actions against officers.
The ITAT has ruled that cess payments alone cannot serve as evidence of unaccounted turnover, emphasizing the need for clear taxation criteria for commission agents. The ruling reiterates that tax should be based on commission income rather than consignors’ turnover.
SEBI has released a new Master Circular consolidating all previously issued AIF-related circulars into a unified compliance framework, enhancing regulatory clarity for Alternate Investment Funds.
The Madras High Court has set aside a hypertechnical rejection of belated Income Tax Returns filed by a Cooperative Society, emphasizing the need for reasonable consideration.
The Pune ITAT ruled that cash deposits cannot be treated as unexplained money if business turnover from scrap is accepted in other years. This decision considers the taxpayer's consistent reporting history.
The Bangalore ITAT ruled that disallowance under Section 40A(3) cannot be based solely on assumptions. The Tribunal quashed the addition because payments were shown to have been made through banking channels, thus satisfying compliance requirements.
This article discusses how recent amendments to the Companies Act impacted corporate tax treatment related to penalties and CSR expenditure.