Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 50C, and capital gains classification.
Karnataka High Court held that TDS is not deductible on payment to non-residents for advertisements in several social medias like Facebook, Amazon Web Services and Rocket Science Group. Accordingly, appeals are dismissed.
Karnataka High Court held that accused convicted for the offence punishable under section 138 of the Negotiable Instruments Act to grant final opportunity to cross-examine complainant on deposit of 50% of the fine amount before trial court.
Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors’ tax liability and evidentiary burden.
Karnataka HC quashed penalty imposed under Section 201 of Income Tax Act for non-deduction of TDS on professional advice, citing specific legal provisions and case facts.
Karnataka High Court rules that diesel captive generating sets are exempt from entry tax under Section 11-A of KTEG Act, 1979. Advance ruling order set aside.
Karnataka High Court grants capital gains tax exemption under Section 54EC despite delayed investment in bonds, overturning CBDT’s refusal to condone the delay.
Karnataka High Court held that delay in filing of income tax returns results into imposition of penalty and prosecution. Payment of penalty for delay in filing return doesn’t exonerate petitioner from being prosecuted.
Karnataka High Court held that in case of service of retreading tyres, service tax is payable only with respect to the service component under the Finance Act. Service tax is not payable on the entire gross value. Hence, petition partly allowed.
In the recent ruling Hon’ble HC have observed that penalty proceedings, initiated u/s 271 D is barred by delay & laches as period of limitation starts from the reference made by ITO to Addl. CIT.
