Allahabad High Court orders release of mustard seeds consignment on deposit of tax and penalty, without ruling on the merits of the GST detention.
Allahabad High Court overturns penalty on Nokia Solutions for incomplete e-way bill. Court rules mere procedural lapse without tax evasion intent doesn’t warrant penalty, citing matching invoices and relevant judicial precedents. Learn more about the crucial verdict.
Supreme Court grants bail to Vishal Agarwal in a case involving alleged public exchequer loss. Bail approved as chargesheet filed and evidence is documentary.
ITAT Mumbai clarifies tax on builders’ unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G deduction for CSR expenses, citing judicial precedents.
Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder cannot be taxed as business income or income from house property for the Assessment Year 2013-14. This decision predates the 2017 amendment to Section 23(5) of the Income-tax Act.
Delhi ITAT allows Shivsagar Builders’ appeal, deleting additions for notional rent on inventory and clarifying taxable revenue based on contractual agreements.
ITAT Mumbai rules on Progressive Homes’ appeal, addressing tax on unsold flats as stock-in-trade and disallowing expenses under Section 14A.
ITAT Mumbai rules on Girdharilal Lulla’s appeal, asserting unsold flats are stock-in-trade, not subject to notional house property income tax.
ITAT Mumbai rules on Runwal Constructions’ appeal, asserting unsold flats are stock-in-trade not subject to notional house property income.
Bombay High Court dismissed income tax appeals by the CIT against Agastmuni Construction, citing CBDT Circular No. 17/2019’s monetary limits.
