AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT Ahmedabad held that interest income from co-operative banks is eligible for a deduction under Section 80P, aligning with prior Gujarat High Court rulings.
The Delhi High Court invalidated an assessment order for failing to consider the reply filed by the assessee, a significant ruling reinforcing the principles of natural justice in tax assessments.
The GCCI has called on the Centre to restore the 5% withholding tax rate for Foreign Portfolio Investors in government securities and rupee bonds, claiming that the current rate hampers India’s market appeal.
The ITAT reaffirmed that only the profit margin from unrecorded sales is taxable under Section 69A, dismissing the revenue's broader appeal for full taxation on such sales.
The ITAT ruled that a bona fide error in the application form cannot serve as a basis to deny registration under Section 12A of the Income Tax Act. This decision highlights the leniency towards honest mistakes in documentation.
The ITAT ruled that amounts reflected in Form 26AS cannot be automatically deemed taxable turnover. Verification and reconciliation with actual books are essential before such determination.
The Calcutta High Court has directed petitioners to manually file GST appeals due to a technical glitch in the GST portal and has condoned the delay stemming from this issue.
The ITAT Mumbai deemed the rectification valid under Section 154 following the issuance of Form 3CL by DSIR for eligible R&D deductions. This reinforces the importance of procedural adherence in tax rectification processes.
The ITAT ruled that the transfer of leasehold rights along with constructed property falls within the scope of Section 50C. This decision mandates fresh adjudication on reassessment validity.
The ITAT Delhi reduced the profit estimation for an entity that acted as a pass-through, emphasizing a more accurate assessment based on prior rulings. This decision ensures consistency in tax assessments.
The ITAT Amritsar ruled that a Directorate of Valuation (DVO) report alone cannot justify a tax addition under Section 69 without evidence of extra payment. This emphasizes the need for supporting documentation in valuation assessments.
The Rajasthan High Court ruled that a procedural lapse in filing Form 10-IC does not disqualify eligibility for the 22% corporate tax rate under Section 115BAA. This affirms the principle that compliance errors should not negate substantive rights.
The ITAT Delhi ruled that the holding period for long-term capital gains (LTCG) is determined from the date of full payment and transfer of possession, rather than the registration date. This reaffirms the treatment of capital assets.