Bombay High Court rules Section 14A disallowance cannot exceed actual exempt income, upholding Tribunal decision against Revenue in HSBC Invest Direct case.
Calcutta High Court dismisses Revenue appeal, affirming ITAT’s deletion of transfer pricing adjustment on corporate guarantee commission at 0.5%.
Bombay High Court dismissed PCIT’s appeal against Manugraph India Ltd., affirming lower interest rates on AE loans and corporate guarantees based on established precedent from Everest Kanto Cyliners Ltd.
Supreme Court in Laljibhai Mandalia case upholds tax search, clarifies reasons to believe and limits judicial review over the sufficiency of grounds for raids.
Chandigarh ITAT condones significant appeal delays, allows Punjab Agricultural University’s tax exemption claim under 10(23C)(iiiab) despite counsel’s filing errors.
Chandigarh ITAT allows 80P deduction for Habrol Co-op Society, ruling against disallowance due to a clerical error in tax return. Section 80A(5) not applicable.
Allahabad High Court set aside a GST show cause notice and order against Ajnara Realtech Ltd., citing non-adherence to Section 74’s requirements for fraud or suppression.
Mumbai ITAT dismisses disallowance under Section 14A against Bajaj Capital Ventures, ruling no exempt income means no disallowance for expenses.
Gujarat High Court sets aside assessment reopening for Kapadia Money Changers, finding the tax officer overlooked full details and acted on mere change of opinion.
Gujarat High Court sets aside notice for assessment reopening against Bharatkumar Nihalchand Shah, citing the tax officer’s lack of proper application of mind and year discrepancy.
