ITAT Kolkata allows Farseen Rubber Industries’ Rs 1 Cr compensation to JK Tyre, ruling it a commercial expense, not an offense under Section 37.
ITAT Kolkata dismisses revenue appeal in DCIT vs Ripley & Co. Ltd., affirming demurrage and penalty charges as allowable business expenses, not penal, citing key judicial precedents.
Gujarat High Court sets aside Section 148 notice and assessment for AY 2013-14 in Shilp Realty case, citing lack of independent application of mind and non-speaking order on objections.
ITAT Indore rules excess stock surrendered during survey by Suresh Aluminium is business income, not unexplained, directing normal tax rates. Cites key precedents.
Punjab & Haryana HC rules CIT cannot direct penalty initiation via Section 263, reinforcing independence of assessment and penalty proceedings.
CCPA advisory directs e-commerce platforms to self-audit for deceptive “Dark Patterns” within 3 months, aligning with consumer protection rules and promoting fair digital trade.
Gujarat HC sets aside reassessment for Krupesh Thakkar. AO incorrectly invoked Sec 2(22)(e) for a loan assessee gave, not received from Rushil Decor Ltd.
The Madras High Court dismissed the Revenue’s appeal regarding the set-off of brought forward business losses against capital gains, citing prior judgment.
Madras High Court upholds invalidity of reassessment in CIT v. Schwing Stetter India P. Ltd., reinforcing change of opinion doctrine and assessee disclosure.
Madras High Court sets aside reassessment notice against Asianet Star Communications, citing non-existent entity and lack of new material.
