AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has determined that interest under Section 264(C) should apply to return income rather than assessed income, providing clarity for taxpayers regarding the calculation of interest.
The Kerala High Court ruled that a partner cannot claim a deduction under Section 36(1)(iii) for loans invested as capital in a firm if they do not have independent business operations. The ruling clarifies the application of borrowing costs in partnership scenarios.
CESTAT has set aside penalties imposed on a customs broker, clarifying that incorrect classification does not equate to misdeclaration under the Customs Act.
The Delhi CESTAT upheld a ruling that an importer who accepted an enhanced valuation of goods could not contest the assessment later. The decision underscores the legal weight of acceptance in customs evaluations.
The Delhi High Court quashed PRC orders for failing to properly examine an exporter's claim regarding a glitch in the transmission of data to ICEGATE. The Court emphasized that material facts and repeated representations were neglected by the authorities.
The Kerala High Court has temporarily stayed garnishee proceedings and directed the VAT Tribunal to decide on a stay application within one month. This ruling provides clarity on the timeline for administrative processes related to taxation.
The ITAT has directed a re-examination of a loan transaction attributed to Odisha Finlease due to lack of lender verification.
The ITAT has allowed the condonation of delay in an appeal by an NRI who pursued his case before the incorrect forum in good faith.
The ITAT ruled that the costs related to improvements cannot be disallowed solely based on a subsequent cancellation of a supplier's VAT registration.
The ITAT upheld the deletion of additions that were made solely on procedural grounds, emphasizing substantive evaluation over mere technicalities.
The ITAT deemed State Bank of India liable for not deducting tax on LFC payments related to foreign travel and distinguished a past High Court order based on the absence of specific interim relief.
The ITAT Delhi found that notional interest on advances cannot be taxed unless there is actual income accrual, ensuring fair tax treatment for business transactions.
Starting June 1, the new E-Way Bill threshold in West Bengal will be ₹50,000, down from ₹1 lakh. This change impacts small and medium enterprises, necessitating updates to invoicing and transport documentation.