AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Karnataka High Court has declined to quash a Recovery of Debts and Bankruptcy Act (RDBA) demand notice issued alongside income tax provisions, advising the appellants to seek One Time Settlement (OTS) with the bank. The court found that the notice was properly issued per the process set out by the Debt Recovery Tribunal.
The ITAT has overturned a transfer pricing addition made on Fujifilm's income, citing a rejection from the Delhi HC regarding the application of the Bright Line Test for determining the arm’s length price.
The ITAT mandated that a valuation report from the District Valuation Officer is essential for establishing the fair market value of property in disputes arising under Section 50C(2) of the Income Tax Act.
The ITAT ruled that the income tax addition based solely on statements made during a survey is impermissible. The case reinforces the principle that tax assessments require corroborative evidence beyond mere statements.
The ITAT has determined that cash sales already included in a company's turnover cannot be taxed again, to prevent double taxation. This assertion clarifies the tax treatment of cash sales in financial reporting.
The Delhi High Court upheld the ITAT's decision to delete protective income-tax assessments, citing a lack of incriminating evidence. The ruling confirms that factual findings by the ITAT are typically not subject to judicial interference.
The Madras High Court clarified that while DEPB licenses qualify as 'goods,' they are not automatically entitled to Input Tax Credit (ITC) under the Tamil Nadu Value Added Tax Act. This decision highlights the necessity of satisfying statutory eligibility criteria.
A new comprehensive guide detailing the taxation and compliance requirements for Virtual Digital Assets (VDAs) under the Income Tax Act, 2025, has been released for practitioners and stakeholders.
The Delhi High Court has upheld the Income Tax Department's addition of unexplained income related to four 24-carat gold bars found in a locker, which could not be justified by the explanation of customary family jewellery.
The Delhi High Court ruled that claiming customary family jewellery does not account for the presence of unexplained gold bars, affirming the Income Tax addition.
The Madras High Court has dismissed a writ petition, ruling that ITC benefits under Section 16(6) cannot be claimed if they are time-barred under Section 16(4) on the cancellation date.
The Telangana High Court has permitted a taxpayer to file a delayed appeal against GST assessments, allowing for a statutory pre-deposit and condonation of delay under Section 74 due to the illness of the taxpayer's Chartered Accountant.
The RBI has announced the due date for FLA returns as July 31, 2026, and outlined procedures for the FLAIR platform. There is a late fee of ₹7,500 for late submissions.