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Direct Tax
Buyback of Own Shares Not Taxable as ‘Property’ U/S 56(2)(x): Delhi High Court
The Delhi High Court has held that buyback of a company’s own shares does...
Direct Tax
ITAT Restricts Arbitrary 2% Income Estimation, Applies 0.40% GP Rate; Penalty Deleted
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has curtailed arbitrary estimation...
Direct Tax
Estimated Bogus Purchase Additions Can’t Attract Penalty: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the...
Direct Tax
CBDT Circular on Delay Condonation Applies to All Years, Not Just Specified AY: Delhi High Court
The Delhi High Court has held that beneficial circulars issued by the Central Board...
Direct Tax
Unexplained Sundry Credits Without Proof of Source Can’t Be Treated as Business Income for Deduction: Madras High Court
The Madras High Court has held that sundry credits, whose source and identity remain...
Direct Tax
S. 148 Notice Issued After Limitation for AY 2015-16 Held Void: ITAT Quashes Reassessment as Time-Barred
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings...
Direct Tax
AO Enhances Addition from 10% to 100% Despite Bona Fide Error in Bank Balance: Delhi HC Stays Demand and Penalty Proceedings
The Delhi High Court has admitted a writ petition challenging an assessment order where...
Direct Tax
Reassessment Notice Invalid Without Proper Sanction: ITAT Quashes Entire Assessment Proceedings
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings...
Direct Tax
ITAT Quashes Final Assessment Order Passed Without Following Binding DRP Directions
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has quashed a final assessment order...
Direct Tax
Amalgamated Company Can’t Claim Set-Off of Predecessor’s Losses Under Kerala Agricultural Income Tax Act: Supreme Court
The Supreme Court of India has held that an amalgamated company cannot claim set-off...
Direct Tax
ITAT Grants Relief to Taxpayer, Flags Digital Divide in Tax Administration
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has granted relief to a taxpayer...
Direct Tax
Prima Facie Case Sufficient for Prosecution Under Income Tax Act; Rajasthan High Court Refuses to Quash Cognizance Order
The Rajasthan High Court has held that at the stage of taking cognizance in...
Latest articles
GST
GST ITC Mismatch Demand Can’t Be Confirmed Without Invoice Verification: Calcutta HC
The Calcutta High Court has set aside an ex parte GST adjudication order and...
GST
GST Reply Can’t Be Ignored Merely Because It Was Filed Physically Instead Of On Portal: Orissa HC
The Orissa High Court has set aside a GST adjudication order after finding that...
Other Laws
Failure To Disclose Fire Damage Before Accepting Auction Payment Leads To ₹70.92 Lakh Refund With Interest: Calcutta HC
The Calcutta High Court has directed a public auctioning authority to refund ₹70,92,500 with...
Indirect Taxes
Customs Delay Dispute Must Go Through Appeal Once Adjudication Orders Are Passed: Delhi HC
The Delhi High Court has dismissed an importer’s writ petition seeking release of bank...