AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has upheld a ₹37.20 lakh addition of undisclosed income, declaring the taxpayer's retraction invalid. This ruling reveals the tribunal's stance on asserting tax liabilities.
The ITAT has removed a ₹1.12 crore addition under Section 69A, determining the bank-recorded loans to be genuine. This finding underscores the importance of verifiable documentation in tax assessments.
The Karnataka High Court has remanded the case concerning the retrospective amendment of Section 147A of the Income Tax Act back to a Single Judge, granting the assessee the opportunity to challenge the amendment's validity. This highlights ongoing scrutiny regarding retrospective tax laws.
Recent changes to the UDIN portal have introduced field-level validation for Section 44AB, reinforcing the role of Chartered Accountants in maintaining integrity in financial reporting. These updates are imperative for practitioners engaged in audit and regulatory compliance.
The ITAT has ordered a remand of demonetisation-era cash deposit additions under Section 68 for fresh verification. The tribunal upheld Section 80P deductions for a co-operative society despite the number of nominal members being low.
The ITAT ruled that the mere modus operandi of lenders is insufficient to support an addition under Section 68 of the Income Tax Act without direct evidence against the taxpayer. This decision is crucial for protecting taxpayers from arbitrary additions.
ITAT ruled that deductions under Sections 80IB and 80HHC can be computed independently, provided the aggregate deduction does not exceed the eligible profits. This distinction is significant for taxpayers seeking to maximize their deductions.
The ITAT ruled that a real estate company cannot be classified as a shell entity solely because of its significant transactions and low initial profits. This decision clarifies the parameters for defining a shell entity in taxation.
The RBI has published lending and deposit rates for scheduled commercial banks, reflecting market trends as of April 2026.
The RBI has approved the voluntary amalgamation of The Bhavani Sahakari Bank Ltd. with TJSB Sahakari Bank Ltd., effective May 4, 2026.
The RBI has published its 46th half-yearly report on the management of foreign exchange reserves as of March 2026, enhancing transparency.
The Indian government’s new fee waiver for sports-related IP registrations prompts a broader discussion on the ownership and commercialization of sports culture. This analysis contrasts the waiver with the state's role in subsidizing certain IP protections.
The Delhi High Court's ruling in the '20-20' trademark dispute highlights the conflict between registration priority and marketplace goodwill, leaving unanswered questions about the coexistence of identical marks in commerce.