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Income Tax : CBDT vide Notification No. 76/2021-Income Tax | Dated: 2nd July, 2021 amends rule 8AA which relates to Method of determination of ...
Delhi High Court held that bail application of accused is rejected as there is reasonable ground to believe the accused is found guilty in illegal mining and money laundering. Further, plea to grant bail on medical grounds also rejected as accused condition is stable and regularly reviewed by doctor.
ITAT Mumbai held that in the present case there is a surrender of tenancy rights against which a new flat has been allotted. Thus, deduction u/s. 54F admissible against the capital gain so computed on surrender of tenancy right.
The issue involved in the present petition is that the Electronic credit ledger of the petitioner was blocked by the impugned order dated 26.03.2025, by invoking Rule 86A of the Central Goods and Services Tax Rules, 2017.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
Karnataka High Court held that blocking of Electronic Credit Ledger by invoking Rule 86A of the CGST Rules, 2017 without granting pre-decisional hearing and without providing independent or cogent reason in the order is not justifiable.
Punjab and Haryana High Court held that bail petition is the money laundering matter allowed due to long period of incarceration running for more than 01 year and trial having not been commenced before the trial Court.
ITAT Chennai held that waiver of amount of loan, whether principal or interest component, cannot be brought to tax under section 41(1) of the Income Tax Act. Accordingly, appeal of assessee allowed and addition directed to be deleted.
Madras High Court held that in re-assessment proceedings the objections of assessee should be dealt in accordance with GKN Driveshafts principle. Here, all the proceedings are set aside since the GKN Driveshafts principle has not been strictly adhered to.
ITAT Mumbai held that as per section 70(2) the short-term capital loss can be set off against gain from any other capital asset. Thus, set off of short-term capital loss (on which STT was paid) against the short-term capital gains (on which STT was not paid) is allowed.
Patna High Court held that GST is leviable on construction service rendered in lieu of the development rights under the Development Agreement. Accordingly, the present writ application is not entertained.
