Gujarat High Court held that issuance of notice u/s. 143(2) of the Income Tax Act, after six months from the end of financial year in which return u/s. 139(1) was filed, is barred by limitation and cannot be sustained.
Kerala High Court declares GST amendments taxing club-member transactions unconstitutional, citing conflict with constitutional definition of supply and service.
Karnataka High Court held that total consideration under composition scheme doesn’t include amount received from customer towards land. Thus, consideration for works contract under composition Scheme of KVAT doesn’t include receipt for land cost.
Madras High Court held that denial of cenvat credit on capital goods due to non-production of User Test Certificate not justifiable since revenue has never doubted over the utility or usage of the capital goods. Thus, writ appeal of revenue dismissed.
Karnataka High Court allows ESOP discount as deductible expense under Section 37 for Biocon Ltd. Revenue’s appeal dismissed for AY 2004–05.
Delhi High Court voids tax assessment by National Faceless Assessment Centre for denying personal hearing request, citing violation of Income Tax Act’s Section 144B.
Gujarat High Court overturns ₹107 crore tax assessment due to Income Tax Department’s failure to grant a personal hearing, citing natural justice violation.
Calcutta HC rules share sale profits as capital gains for Century Plyboards, citing investment intent and consistent past tax treatment.
Gujarat High Court upholds ITAT ruling in Tejua R. Kapadia case, dismisses Revenue’s appeal on alleged bogus purchases of over ₹5.19 crore.
Delhi High Court held that IFCI Limited (Lender) is required to release the shares from the pledge as and when the loan is repaid by the borrower. Accordingly, Court directed IFCI to release the pledge within a period of six weeks.
