AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT upheld the genuineness of software development charges, countering the Department's objections regarding the movement of trust funds out of India based on a digital forensic report.
This week’s roundup from the ITAT covers significant cases, including rulings on software development charges validity and share application additions. It highlights critical legal principles relevant for tax practitioners.
The ITAT ruled that a genuine mistake made in the withdrawal of an appeal does not undermine a settlement reached under the Direct Tax Vivad Se Vishwas Scheme, 2020, emphasizing the intent to resolve disputes.
The ITAT ruled that if a one-to-one correlation between purchases and corresponding sales is established, the purchases cannot be classified as bogus. This decision supports genuine business transactions.
The ITAT has held that a bona fide mistake in filing a withdrawal of an appeal does not nullify a settlement reached under the Direct Tax Vivad Se Vishwas Scheme.
The ITAT Mumbai has ruled that accommodation entry operators can only be taxed on a 1% commission of their turnover, not the entire turnover amount. This decision clarifies the tax implications for such entities.
The RBI mandates the filing of FLA Returns to ensure disclosure of foreign liabilities and assets as of 31 March. This requirement applies without fresh transactions.
The Calcutta High Court has ordered manual filing of appeals due to a technical glitch in the GST portal, ensuring compliance deadlines are met despite the issues.
For the purposes of UDIN ceiling, head office and branch tax audits for the same taxpayer in a given assessment year count as a single assignment. This clarification aids operational efficiency in tax reporting.
The relevant date for the 60 tax audit limit is determined by the system's audit trigger, not by when the UDIN is generated. This distinction impacts compliance tracking for tax auditors.
The article outlines a comprehensive checklist for domestic companies in India to ensure compliance when filing ITR for the assessment year 2026-27, helping corporates streamline their obligations.
The article provides essential guidance for trusts on ITR filing, outlining the relevant forms and compliance mandates for the assessment year 2026-27.
Domestic companies must analyze various corporate tax rates to determine the most beneficial option based on turnover and compliance to avoid increased future costs.