Jammu and Kashmir High Court held that refund of Education Cess and Secondary and Higher Education Cess [SHE Cess] in terms of exemption under Notification No.56/2002-CE is allowable. Accordingly, writ petition is allowed with direction to release refund of education and SHE Cess.
Telangana High Court held that supply of Calcined Pet Coke by domestic calciners to Special Economic Zone [SEZ] is permissible under Foreign Trade Policy, 2023 [FTP] and order dated 15.02.2024 of Commission for Air Quality Management [CAQM]. Accordingly, writ stands disposed of.
Since the last date, or the surviving time, for issuing a valid notice under Section 148 for this specific case was June 17, 2022 and the actual notice was issued on August 24, 2022, it was clearly barred by limitation.
ITAT Ahmedabad held that loss on foreign currency derivative transactions and loss on account of exchange rate difference are not speculative in nature and hence the same is allowable as business expense. Accordingly, order passed by Pr. CIT u/s. 263 directed to be quashed.
ITAT Delhi held that as per section 144C(13) of the Income Tax Act final assessment order is to be passed within one month from the end of the month in which directions issued by DRP is received by AO. Assessment order passed beyond the period prescribed u/s. 144C(13) is time barred and liable to be quashed.
Kerala High Court held that reliefs sought in writ cannot be entertained as debit of penalty from amount receivable could only be treated as dispute arising from contract entered between petitioner and department. However, dispute arising out of a contract cannot be resolved in writ petition of this nature.
ITAT Cochin held that disallowance of notional interest u/s. 36(1)(viii) of the Income tax Act set aside since borrowed funds were used for renovation of leasehold premises and the same is allowed as revenue expense and hence interest on such borrowing is allowed as revenue expense.
ITAT Nagpur held that short term capital gain tax paid under section 111A @15% cannot be reclassified as taxable under section 68 read with section 115BBE of the Income Tax Act without any basis. Accordingly, appeal of revenue dismissed.
Gujarat High Court held that order passed without granting opportunity as provided in section 75(4) of the Gujarat Goods and Services Tax Act, 2017 [GST Act] is quashed and set aside as the same is non-speaking order and is in breach of principles of natural justice.
Summary of Section 44AB, 44AD, and 44ADA tax audit provisions, detailing turnover thresholds (₹1 Cr to ₹10 Cr), presumptive income rates (6%/8%/50%), and the impact of digital transactions (95% rule).
