The Delhi High Court has ruled that an Assessing Officer (AO) cannot reject a taxpayer’s share valuation merely because he disagrees with the expected rate of return or commercial assumptions used by a recognised valuation method. In an important ruling …
The Supreme Court has held that an assessee cannot use a revision petition under Section 264 of the Income Tax Act, 1961, as an alternative route to make changes to a self-assessment return after the statutory period for filing a revised …
The Income Tax Appellate Tribunal (ITAT), Agra Bench, has deleted a substantial addition of ₹2,40,29,635 under Section 68 of the Income Tax Act, 1961, relating to cash deposits made during the demonetisation period by a firm engaged in the trading and …
The Delhi High Court has sought a response from the Union Government and the Central Board of Direct Taxes (CBDT) on a Public Interest Litigation (PIL) seeking an automatic mechanism for refund of Tax Deducted at Source (TDS) to individuals …
ITAT Chennai has deleted a ₹76.45 lakh addition made under Section 69 read with Section 115BBE of the Income-tax Act, holding that cash deposits cannot be treated as unexplained merely because there was a substantial time gap between the original …
In a significant ruling on international taxation, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that a Permanent Establishment (PE) in India cannot be inferred merely on assumptions that employees of a foreign parent company were rendering services for another …
In a significant ruling reinforcing the limits of the Principal Commissioner of Income Tax’s (PCIT) revisional jurisdiction under Section 263 of the Income Tax Act, 1961, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the PCIT …
In a significant ruling reinforcing the principles of natural justice, the Gujarat High Court has held that providing a taxpayer with only three days to respond to an Income Tax Show Cause Notice (SCN) is not a reasonable opportunity of hearing. The …
The Goa Bench of the Bombay High Court has delivered a significant judgment clarifying the scope of criminal prosecution for non-payment of income tax. In a noteworthy ruling, the Court held that mere delay in paying an admitted income tax liability …
In a significant ruling that provides much-needed clarity on the charitable status of trade associations, the Gujarat High Court has held that organizations established to promote trade and commerce can qualify as charitable institutions under the Income Tax Act, 1961. …
In a significant ruling reinforcing the legal safeguards available to taxpayers during search assessments, the Bombay High Court has dismissed two income tax appeals filed by the Income Tax Department against Aurum Ventures Private Limited. The Court held that additions cannot …
In a significant development concerning the appellate framework under the Prohibition of Benami Property Transactions Act, 1988 (PBPT Act), the Supreme Court of India has declined to entertain a Public Interest Litigation (PIL) seeking the transfer of appellate jurisdiction from the Appellate Tribunal …
In a significant ruling for taxpayers engaged in the real estate sector and land aggregation business, the Karnataka High Court has held that advances received in the ordinary course of business cannot be treated as taxable income merely because they remain …
The Karnataka High Court has delivered a significant judgment on the limitation period applicable to penalty proceedings under Section 271DA of the Income Tax Act, 1961. In a ruling that provides much-needed clarity for taxpayers and tax authorities alike, the Court …
As the Income Tax Return (ITR) filing deadline of 31 July approaches, cryptocurrency investors should carefully review their tax records before submitting their returns. One of the most important aspects of crypto taxation is the 1% Tax Deducted at Source (TDS) under Section 194S of …
The Karnataka High Court has delivered an important ruling clarifying the legal effect of the Document Identification Number (DIN) requirement under the Income Tax Department’s communication system. The Court held that an income tax order does not become invalid merely …
In a significant ruling concerning income tax reassessment proceedings, the Bombay High Court has clarified that a reassessment notice cannot be treated as having been issued merely because it was digitally signed on March 31, 2021. If the notice was …
The Bombay High Court has delivered a significant judgment reinforcing the principle that genuine litigants should not be denied justice merely because of procedural delays. In a taxpayer-friendly ruling, the Court set aside an order of the Income Tax Appellate …
The Income Tax Department has opposed a writ petition filed by a same-sex couple before the Bombay High Court, seeking extension of the tax exemption available on gifts exchanged between spouses under Section 56(2)(x) of the Income Tax Act, 1961. …
In a significant relief for charitable and religious institutions, the Surat Bench of the Income Tax Appellate Tribunal (ITAT) has held that a delay in filing the audit report in Form No. 10B cannot, by itself, be a valid reason for denying …