A summary of the ITAT Delhi ruling on cross-appeals involving International Tractor Ltd. covering key tax issues on depreciation, R&D, and other business deductions.
The Delhi High Court upheld the quashing of a penalty imposed under Section 271(1)(c) of the Income Tax Act. The court ruled that the penalty notice was invalid because it failed to specify whether the penalty was for ‘concealment of income’ or ‘furnishing inaccurate particulars’.
Madras High Court sets aside GST order, directs tax department to issue circular advising assessees to engage qualified consultants; bank account de-frozen.
Chhattisgarh High Court rules cash-in-hand from a preceding year’s balance sheet cannot be taxed as unexplained money under Section 69A in a subsequent year.
A summary of the ITAT Ahmedabad ruling in Vimal Sureshbhai Mishra vs CPU, addressing the incorrect computation of interest under Section 234B.
The ITAT Ahmedabad remands a tax case, directing the AO to verify the genuineness of purchases by examining GST records and supplier bank accounts.
The Supreme Court of India addresses judicial delays in the Ravindra Pratap Shahi case, mandating new guidelines for High Courts to ensure timely pronouncement of judgments.
Tribunal ruled that non-deposit in Capital Gains Account does not bar 54F relief if funds are used for construction within Section 139(4) timeline.
ITAT Delhi rules on TDS default. If the payee pays tax, the deductor isn’t in default, preventing disallowance under Section 40(a)(ia) but not interest.
The Supreme Court directed NCR authorities to immediately create dog shelters and remove all stray dogs from public areas to protect citizens from dog bites.
