Direct Tax
Payments Made To SIPCOT For Common Infrastructure Can’t Be Treated As Depreciable Assets: Madras HC
The Madras High Court has held that payments made to (SIPCOT) for common infrastructure cannot be treated as depreciable assets but may be claimed...
Direct Tax
Supreme Court to Examine Taxability of Security Deposits in Property Deals
The Supreme Court of India is set to examine a crucial question in tax jurisprudence — whether a “security deposit” received during a property...
Direct Tax
Gujarat High Court Quashes Criminal Prosecution for Late ITR Filing After Tax and Penalty Already Paid
The Gujarat High Court has quashed criminal proceedings initiated against the company and its directors for alleged failure to file their Income Tax return...
Direct Tax
Bombay High Court Declares Transfer Pricing Addition ‘Non Est’ for Missing DRP Timeline; Orders Refund
The Bombay High Court has held that the Income Tax Department’s failure to give effect to the Dispute Resolution Panel (DRP) directions within the...
Direct Tax
Dept. Acted On ‘Factually Wrong’ Grounds: Bombay HC Quashes Reopening of Assessment Against Charitable Trust
The Bombay High Court has quashed the Income Tax Department’s move to reopen the assessment of a charitable trust for AY 2018–19, holding that...
Direct Tax
Bombay High Court Quashes Income Tax Reassessment Against A Company Converted Into LLP
The Bombay High Court has quashed a reassessment notice and subsequent assessment order issued by the Income Tax Department to a company that had...
Direct Tax
Income Tax Assessment Doesn’t Bar Separate Benami Proceedings: Kerala High Court
The Kerala High Court has dismissed a writ petition filed by two assessees challenging show-cause notices issued to them under Section 24(1) of the...
Direct Tax
S. 14A Disallowance: ITAT Rules Against Improper Satisfaction by AO in Aishwarya Rai Bachchan’s Case
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has dismissed the department’s appeal against the relief granted to actor Aishwarya Rai Bachchan by the...