Kerala HC set aside an order against a rice and dairy products trader, directing tax authorities to re-evaluate disallowance of ITC in light of a recent judicial precedent that treats ITC as a fungible pool of funds.
The ITAT Cochin ruled that interest on delayed payments of TDS and other statutory dues is compensatory and an allowable business expenditure under the Income Tax Act.
CESTAT Kolkata has ruled that excess service tax can be adjusted beyond the immediate succeeding month or quarter, allowing BSNL to claim a refund of over ₹11 lakh.
The ITAT Ahmedabad has remanded a capital gains tax case for reconsideration, citing a need for proper verification of the property’s sale consideration and stamp duty valuation.
The Orissa High Court has set aside a tax demand order against Sai Sitaram Construction, ruling that it illegally included a GST amount already levied for the same tax period.
CESTAT rules that the 60% abatement on restaurant services must be excluded when calculating the small-scale industry exemption limit, reversing a tax demand.
The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled in favor of Darius Sam Motashaw, deleting an unexplained cash credit addition of Rs. 2.85 lakhs. The court found that the assessing officer failed to investigate the source of funds received from the assessee’s broker via a banking channel, shifting the burden of proof incorrectly.
The Jammu & Kashmir High Court has stayed a tax recovery order against an assessee, directing the matter back to the Commissioner of Income Tax for a fresh review.
NCLAT Delhi dismisses appeal, ruling that an insolvency process withdrawn under a settlement can be revived if the corporate debtor defaults on the agreed-upon terms.
Tribunal directs fresh examination of alleged bogus outward expenses in transport business for AY 2014-15, citing careful analysis by CIT(A).
