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Judiciary

Written agreement not mandatory to prove existence of financial debt

September 24, 2025 897 Views 0 comment Print

NCLAT Delhi Held that a written agreement is not a condition precedent to prove the existence of a financial debt. Accordingly, CIRP application u/s. 7 of IBC duly admitted as debt and default proved.

Exemption u/s 11 and 12 could not be denied to Charitable Trust if Audit Report was filed by extended due date even if after the filing of ITR

September 24, 2025 1500 Views 0 comment Print

Both return and Form 10B were filed within extended due date (31.10.2018). Thus, substantive compliance was achieved. Filing of audit report after the return but before expiry of due date could not be construed as fatal non-compliance.

Draft Assessment Order was not permissible u/s 144C(1) when TPO makes no variation

September 24, 2025 648 Views 0 comment Print

Where the Transfer Pricing Officer (TPO) accepted international transactions at arm’s length without proposing any variation under Section 92CA(3), assessee did not qualify as an “eligible assessee” under Section 144C(15)(b).

No order of retrospective GST Cancellation be passed unless specifically mentioned in SCN with reasons

September 24, 2025 759 Views 0 comment Print

Since the SCN did not propose retrospective cancellation or raise the issue of non-existent premises, the impugned cancellation order was unsustainable therefore, assessee’s GST registration should be treated as cancelled only from 31 December 2024, the date of the SCN.

Beer Shop Cash Deposits Assessment Remanded for De Novo Hearing by ITAT Pune

September 24, 2025 129 Views 0 comment Print

ITAT Pune has sent the case of Shankar Saybu Rakhewar back to the Commissioner of Income Tax (Appeals) for a new hearing.

ITAT Mumbai Restores Bogus Purchase Case – CIT(A) Erred by Denying AO Opportunity

September 24, 2025 219 Views 0 comment Print

Mumbai ITAT has restored a bogus purchases case to the Assessing Officer for a fresh hearing, ruling that CIT(A) erred by partially restricting the addition without giving the assessee a full opportunity to present evidence.

Pune ITAT Restores Section 80P Deduction for Co-operative Credit Society

September 24, 2025 876 Views 0 comment Print

The ITAT Pune has ruled that co-operative societies can claim tax deductions under Section 80P for interest income from deposits with co-operative banks. The decision confirms a consistent judicial view, restoring the full deduction for the assessee.

Gain on Cancellation of Forward Contract is Capital Receipt: ITAT Delhi

September 24, 2025 528 Views 0 comment Print

The ITAT Delhi ruled in Dalmia Bharat vs. DCIT that a company’s gain from canceling a forward contract for machinery imports is a capital receipt, not taxable as business income.

Mere Receipt of Salary in India not Trigger Tax if Services Rendered Overseas

September 24, 2025 1026 Views 0 comment Print

The ITAT Chennai ruled that an Indian employee’s salary for services rendered in the US is not taxable in India, upholding the India-US DTAA and clarifying that the place of service, not receipt, determines taxability.

Unsigned Approval Fatal: ITAT Raipur Quashes Reassessment as Void ab Initio

September 24, 2025 846 Views 0 comment Print

The ITAT Raipur quashed a reassessment order, ruling that the mandatory requirement for a signed approval from tax authorities was violated, rendering the entire proceeding void.

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