The ITAT Ahmedabad upheld the deletion of a ₹1.17 Lakh addition made under Section 68 for alleged penny stock gains, ruling that the taxpayer had incurred a Short Term Capital Loss and had not claimed any exempt LTCG u/s 10(38),
Delhi High Court allows Saumya Chaurasia to operate her salary account for subsistence allowance despite tax attachment; orders PCIT to dispose of her appeal against the stay order within eight weeks.
The Supreme Court of India disposed of the Revenue’s appeal against the Delhi High Court’s order quashing reassessment notices against Trans World International Ltd.
ITAT Surat condones delay in appeal against an increased capital gain demand under Sec. 143(1), ruling the delay was justified by the assessee’s pursuit of rectification remedy.
ITAT Kolkata restricts disallowance of painting business expenses to 20%, ruling that entire disallowance for lack of vouchers was excessive given the ongoing business activity.
Calcutta High Court allows SREI Finance’s arbitration plea for Rs.130 Cr loan default, ruling that NCLT fraud allegations are triable issues for the arbitrator, not a bar.
Orissa HC dismisses writ against Rs.72 Lakh GST ITC rejection based on ‘fake invoices’ and ‘non-existent suppliers,’ directing the taxpayer to pursue the statutory appellate remedy.
ITAT Indore remands assessment orders for AYs 2013-14 to 2018-19 to the AO for de novo consideration, finding that non-compliance during proceedings occurred due to the COVID-19 pandemic and an inoperative email ID, violating natural justice.
Gujarat AAAR rules Zydus Lifesciences must reverse ITC on inputs linked to mutual fund transactions, treating them as exempt supplies under GST law.
CESTAT Ahmedabad rules it has jurisdiction over foreign currency seizure, distinguishing it from baggage. Orders release of seized currency and directs lower penalties on family members.
