Penny Stock Loss Disallowance Can’t Rest on General Investigation Inputs Without Direct Evidence: Calcutta High Court
The Calcutta High Court has dismissed an income tax appeal filed by the department, holding that losses claimed from trading in listed equity shares...
Interest Can Be Reduced from Dividend Income Only If Linked to Borrowed Funds: Punjab & Haryana HC
The Punjab and Haryana High Court has ruled that interest expenditure can be reduced from dividend income only when a clear and direct nexus...
Employee’s Income Tax Liability Can’t Be Waived For Employer’s Failure To Remit TDS To Income Tax Dept: Kerala HC
The Kerala High Court dismissed a batch of writ appeals filed by employees of Attinad Software Pvt. Ltd., ruling that income tax liability cannot...
Income Tax Raids on Ghee Manufacturers Uncover Nearly ₹700 Crore in Unaccounted Transactions
A marathon 131-hour search operation carried out by the Investigation Wing of the Income Tax Department on five major ghee manufacturing groups in Uttar...
No Error Apparent on Record: Delhi High Court Rejects Income Tax Dept’s Review Pleas on Processing of Returns
The Delhi High Court has dismissed a batch of review petitions filed by the Income Tax Department, holding that there was no error apparent...
TDS Credit Can’t Be Denied to Employee Due to Kingfisher Airlines’ Failure to Deposit Tax: Delhi High Court
The Delhi High Court has ruled that an assessee cannot be denied credit of Tax Deducted at Source (TDS) merely because the employer, Kingfisher...
Audit Delay Beyond Assessee’s Control Must Be Considered While Deciding Delay Condonation: Orissa High Court
The Orissa High Court has set aside an order passed by the Principal Chief Commissioner of Income Tax (PCCIT), Odisha Region, refusing to condone...
Manually Issue SVLDRS Discharge Certificate Despite Closure of Online Portal: Kerala HC
The Kerala High Court has held that the tax department cannot deny issuance of a discharge certificate merely because the online portal for the...
Faceless Assessment Framework Combined With Rigid Procedural Presumptions Has Potential To Create Confusion: Delhi HC Directs CBDT To Plug Procedural Gaps
The Delhi High Court has held that the faceless assessment framework, combined with rigid procedural presumptions, has the potential to create confusion and injustice....
Reassessment Invalid Without Tangible Material: Delhi High Court Rejects Income Tax Dept’s Appeal
The Delhi High Court has dismissed an appeal filed by the Income Tax Department, holding that reassessment proceedings initiated under the Income Tax Act,...
Refund Income Tax Recovered Without Supplying Assessment Order: Delhi HC
The Delhi High Court has held that recovery of income tax dues without supplying a copy of the underlying assessment order amounts to recovery...
Delhi HC Allows Income Tax Assessment to Proceed Despite Dual PAN Dispute
The Delhi High Court has permitted the Income Tax Department to proceed with assessment and reassessment proceedings against an assessee notwithstanding the existence of...
Order Mandating 10% TDS Deduction On Payments Made To Foreign Company Without Change in Facts Quashed: Delhi High Court
The Delhi High Court has set aside an order issued under Section 197 of the Income Tax Act, 1961, which mandated deduction of tax...
ICAI’s Disciplinary Action Confirmed; Delhi HC Upholds 3 Month Removal of CA for Audit Lapses
The Delhi High Court has affirmed the disciplinary action taken by the Council of the Institute of Chartered Accountants of India (ICAI) against a...
Live Telecast Fees Are Not “Royalty”: Delhi HC Dismisses Tax Appeal Against Sri Lanka Cricket
The Delhi High Court has dismissed an appeal filed by the Income Tax Department against Sri Lanka Cricket (SLC), holding that payments received for...
Supreme Court Quashes HC’s Direction to CBDT to Modify Income Tax Software for TDS Demands
The Supreme Court has clarified the limits of judicial intervention in tax administration by setting aside a direction issued by the Gujarat High Court...
Bombay High Court Quashes Income Tax Reassessment Notice for Failure to Prove Jurisdiction Transfer
The Nagpur Bench of the Bombay High Court has quashed a reassessment notice issued under Section 148 of the Income Tax Act, 1961, holding...
CBDT Clarifies: Past Tax Assessments to Remain Closed After Supreme Court’s Tiger Global Ruling
In a move aimed at preserving investor confidence and ensuring certainty in tax administration, the Central Board of Direct Taxes (CBDT) has made it...
Supreme Court Directs PIL Petitioner to ‘Place on Record Income-Tax Returns for the Last 5 Years’ Before Considering Costs
In a significant order underscoring its intolerance towards frivolous public interest litigations (PILs), the Supreme Court on Thursday directed a petitioner-in-person to “place on...
Rs. 2 Lakh Cost Imposed On Income Tax Dept.: Delhi HC Quashes Reassessment Notices Against NDTV Founders
The Delhi High Court on Monday quashed reassessment notices issued against NDTV founders Prannoy Roy and Radhika Roy, while also imposing costs of Rs....
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