AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Madras High Court ordered that a draft assessment ignoring a filed return be set aside for fresh consideration, emphasizing the need for proper assessment processes.
The Punjab & Haryana High Court upheld Section 153C notices, confirming that the satisfaction note was not belated and limitations objections must first be raised before the AO.
The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless withdrawn or invalid under the Act, allowing for the new tax regime for AY 2023-24.
The ITAT Agra held that Section 44AD could not apply where turnover exceeded the limit, adopting past profit history instead, allowing telescoping and deleting Section 43B addition.
The ITAT Delhi ruled that Section 68 does not apply to sale proceeds of disclosed investments already recorded in the books. The Revenue's appeals were dismissed, setting a precedent on the interpretation of disclosed investments.
The Calcutta High Court has referred claims involving DVC's differential tariff to arbitration, leaving limitation issues unresolved for future determination.
The Jammu and Kashmir HC analyzed fund siphoning allegations related to bank loans in a ₹227 crore NPA scam, focusing on the merits of prosecution claims.
The article analyzes the transformative potential of blockchain technology in the auditing sector, outlining benefits and challenges.
The article provides a comprehensive checklist for ITR-2 filing for AY 2026-27, focusing on capital gains and foreign assets. Taxpayers can download a PDF to prepare necessary documents in advance.
This week's roundup covers recent decisions from the Income Tax Appellate Tribunal (ITAT) including various significant rulings that impact tax assessment procedures.
The NCDRC criticized the Jaipur forum for issuing bailable warrants against Salman Khan without proper examination of the complaint regarding misleading advertisements.
The ITAT has remanded a case regarding bad debt provisions back to the Assessing Officer for verification of rural branch advances, emphasizing the necessity for accurate data assessment in tax deductions.
The Reserve Bank of India has updated guidelines for small finance banks regarding customer protection in unauthorized electronic transactions, enhancing their accountability.