The Supreme Court clarifies that the six-year tax assessment period for third parties, whose documents are seized, starts from the date their AO receives materials, not the original search date.
ITAT Mumbai rules in favor of JM Financial Properties, upholding interest expense deductions for AY 2013-14 and 2014-15. The tribunal affirmed the commercial expediency of an interest-free security deposit for business purposes.
ITAT Nagpur voids reassessment against Rupesh Dhakate, citing lack of jurisdiction as alleged escaped income fell below the Rs. 50 lakh threshold.
ITAT Nagpur rules against arbitrary 10% cash deposit addition under Section 69A, stating no income can be deemed if explanations are credible.
Calcutta High Court dismisses Income Tax Department’s appeal regarding unexplained cash credit from share capital, citing a previous binding decision.
Calcutta HC rules in PCIT vs Abhijeet Enterprise that Section 68 doesn’t apply to shares allotted for a liability if no actual cash is exchanged, citing key precedents.
Allahabad High Court sets aside GST order due to lack of personal hearing, emphasizing mandatory compliance with natural justice under Section 75(4) of UP GST Act.
Bombay High Court quashes tax re-assessment notice and order against a dissolved company, citing a non-existent entity cannot be assessed. Cites Supreme Court rulings.
Madras High Court rules director of struck-off company cannot challenge tax assessment without first reviving the firm, overturning a previous order.
Allahabad High Court refers a critical GST dispute on blocking of Electronic Credit Ledger, including future credits, to a Larger Bench due to conflicting judicial views.
