AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Supreme Court declined to interfere with a High Court decision that upheld the deletion of penalties under Section 271(1)(c) due to the issuance of an ambiguous notice, leaving the question of law open.
The Karnataka High Court has granted anticipatory bail to GST dealers accused in a bogus input tax credit scheme, emphasizing that genuine purchasers cannot be penalized without proof of collusion.
The Allahabad High Court has held that failure to file objections before the Dispute Resolution Panel (DRP) bars the challenge to an assessment order, emphasizing procedural compliance in tax disputes. This reinforces the requirement for taxpayers to adhere to stipulated procedural mandates to ensure their rights to challenge assessments.
The Income Tax Appellate Tribunal (ITAT) has ruled that Fair Market Value (FMV) will be treated as the Cost of Acquisition under Section 49(2AA) in computing capital gains on Employee Stock Options (ESOPs) for Non-Resident Indians (NRIs). This ruling provides significant tax relief for NRIs in relation to capital gains taxation on ESOPs.
The Allahabad High Court has ruled that failure to file objections before the Dispute Resolution Panel (DRP) bars individuals from challenging assessment orders, emphasizing compliance requirements.
The ITAT upholds the fair market value as the cost of acquisition under Section 49(2AA) for NRIs calculating capital gains on ESOPs, providing significant relief for foreign investors.
The CESTAT has ruled that the extended period of limitation cannot be invoked for excise duty demands based on ER-6 returns, clarifying taxpayer rights regarding assessments.
The CESTAT has permitted CENVAT credit on residential facilities provided to work-from-home employees, recognizing business operations' evolving structure.
The CESTAT has granted Shriram General Insurance a refund of Rs. 28.57 lakhs for KKC and SBC paid on cancelled insurance policies. This order emphasizes the eligibility for refunds in similar circumstances.
The Bombay High Court is set to decide whether TNMM benchmarking can apply to determine the arm's length price at the entity level for combined transactions. The court has allowed the appellant to raise additional questions of law.
The Karnataka High Court granted anticipatory bail to GST dealers implicated in bogus ITC claims, emphasizing that genuine purchasers cannot be penalized absent proof of collusion.
The GST Appellate Tribunal (GSTAT) ruled that projects completed before the implementation of GST, or those outside the GST ambit, do not fall within the scope of anti-profiteering investigations.
The Bombay High Court clarified that Section 80P(2)(d) concerning co-operative societies' interest or dividend income operates separately from Section 194A. The Tax Officer's mixing of both provisions was deemed unsustainable.