The IFSCA has reported substantial growth in the fund management sector at GIFT-IFSC, with USD 22.11 billion in commitments and 177 entities registered.
ITAT Ahmedabad held that reopening alleging income escaped assessment merely on the basis of Client Code Modification without any other corroborative evidence cannot be sustained. Accordingly, re-assessment held invalid.
The Telangana High Court has ruled that magistrates must not mechanically authorize detention, citing a lack of judicial application and adherence to guidelines. The court set aside a remand order after finding a student was illegally detained without proper procedure.
The Supreme Court of India upheld that benefits under the Budgetary Support Scheme are unit-specific, not owner-specific, reinforcing location-based industrial incentives.
The Gujarat High Court ruled an assessee cannot cross-examine officers who issued summons and memos when the case is based on documentary evidence.
Kolkata ITAT rules Assessing Officer cannot add income for bogus purchases without rejecting books of account or disputing reported sales, ensuring legal sustainability.
Ahmedabad ITAT rules cooperative society income is 100% tax-exempt if S.80P deduction is allowed, making disallowances irrelevant to final tax liability.
CESTAT Chandigarh overturns public bonded warehouse license cancellation for wine stock discrepancies, deeming it too harsh while upholding a Rs. 4 lakh penalty.
Kerala High Court grants interim relief to South Coast Spices, staying coercive tax recovery until appeals and stay petitions against assessment orders are heard.
ITAT Ahmedabad restricts Ramjibhai Kesaraji Patel’s bogus purchase disallowance to 8%, citing judicial precedents and natural justice, after the CIT(A) dismissed the appeal for delay.
