Madras High Court invalidates reassessment proceedings due to improper sanction under amended Section 151, aligning with Bombay and Delhi High Courts.
Delhi High Court clarifies its previous ruling, stating quashing of Section 148 notices applies only to those issued on or after April 1, 2021.
India’s Supreme Court grants bail to Ashutosh Garg, accused of GST input tax fraud, citing nine months of custody and a five-year maximum sentence.
Bombay High Court rules Section 14A disallowance for expenses related to exempt income not applicable if no exempt income is earned.
SEO Meta Description: Delhi High Court dismisses revenue appeals in CIT vs Holcim India P. Ltd. case, ruling that Section 14A disallowance is not applicable when no exempt dividend income has been earned, affirming earlier judicial precedents.
Pune ITAT rules on Cosmopolis Construction appeals, holding that notional rent on unsold stock-in-trade is business income, not ‘Income from House Property’.
ITAT Mumbai rules on the contentious issue of taxing deemed rental income from unsold flats held as stock-in-trade by property developers, citing conflicting High Court judgments and favoring the assessee.
Mumbai ITAT rules against computing deemed rental income on unsold flats held as stock in trade, favoring business income treatment for builders.
Mumbai ITAT delivers consolidated order on Haware Construction, addressing validity of re-opening, disallowing partial bogus purchases, and ruling on unsold flats and Section 14A expenses.
ITAT Bangalore allows Section 54F capital gains exemption for an assessee, validating oral Hiba (gift) under Mohammedan Law and overturning previous denials.
