AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT has clarified that Section 56(2)(x) of the Income Tax Act does not apply when the property consideration is determined based on an earlier agreement.
The ITAT has ordered a fresh review of ₹30 lakh property sale gain and ₹10.83 lakh share investment additions, highlighting the failure to consider purchase costs and sources of funds in the original decision.
The ITAT remanded a transfer pricing adjustment, citing errors in the computation of arm’s length price using incorrect entity-level metrics.
The Supreme Court declined to hear a request to implement a creamy layer system for Scheduled Tribes tax exemptions, deeming it a legislative matter.
The ITAT ruled that CSR expenditure incurred before the 2015 statutory bar is allowable for AY 2012-13. It emphasized that the new provisions cannot be applied retroactively.
The Karnataka High Court has ruled that free banking services, such as maintenance of Minimum Average Balance (MAB), do not constitute a taxable service, therefore exempting such services from service tax.
The Gujarat HC upheld the deletion of long-term capital gains, ruling DVO references pre-2012 were impermissible, rejecting Revenue's appeal.
The Gujarat High Court upheld the dismissal of a ₹1 crore addition under Section 68 after confirming the loan's identity, source, and repayment evidence.
The Rajasthan High Court ruled that reassessment notices sent posthumously were invalid; however, the Revenue may proceed against legal representatives per law.
Delhi HC ruled that time taken by an assessee for response is excluded from the reassessment limitation period, validating the initiation of proceedings.
The Gujarat High Court upheld the deletion of LTCG additions, concluding the Revenue's claims were based on assumptions without substantial evidence.
The Equalisation Levy imposed on online advertising ceases from AY 2026-27 due to a sunset clause in the Finance Act, 2024. This impacts e-commerce transactions significantly.
The ITAT Ahmedabad ruled that CSR donations can still qualify for Section 80G deductions if they meet necessary conditions, countering automatic disqualification assumptions.