The Chhattisgarh High Court has ruled that compensation for land acquired under the NH Act is exempt from income tax, citing the RFCTLARR Act and Supreme Court precedents.
Karnataka High Court held that in terms of section 142(7)(b) and 142(8)(b) of the KGST Act all types of amounts refundable are to be refunded back in cash without there being any distinction between cash deposit or ITC/ECL deposit. Accordingly, 70% pre-deposit made through ITC/ECL is to be refunded in cash.
Department had not been able to show any arrangement to have been made by assessee in the course of selling its shares of M/s. HCL Technologies Pvt. Ltd. amounted to Impermissible Avoidance Arrangement (for short, ‘IAA’) and it was a pure trading done by assessee with no knowledge.
Application filed by Canara Bank under Section 7 of the Code read with Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP citing the default payment of a debt amount beyond Rs. 1 Crore as evident from the Form-C and Form-D of the NeSL certificate, from the loan account statement of S.S. Aluminium Private Limited, Corporate Debtor maintained by the Financial Creditor and from the acknowledgement of debt instrument executed by the Respondent was admitted.
Supreme Court held that speculative investors cannot be permitted to trigger CIRP as this would undermine revival, destabilise projects, and prejudice genuine homebuyers. Accordingly, orders, setting aside admission of the Section 7 applications, stand affirmed.
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has set aside a tax authority’s rejection of a trust’s Section 80G exemption application. The court ruled that mentioning a temple among multiple charitable objects does not automatically make the trust “substantially religious” and directed a review of its actual expenditures.
The Allahabad High Court has set aside a GST order against Virendra Kumar Surendra Prakash, citing a portal error where the order was not properly displayed to the taxpayer.
ITAT Ahmedabad has set aside a tax authority’s rejection of Rajnibhai Kanada Memorial Foundation’s Section 80G tax exemption. The court held that objects related to Indian culture and spirituality, such as teaching music or celebrating festivals, are not substantially religious and that the tax authority must allow the trust to explain its expenditures before denying the exemption.
Tribunal remands assessment of Namdhari Seeds on income from leased lands, awaiting Supreme Court ruling on whether contract farming income qualifies as agricultural income under section 10(1).
ITAT emphasized that section 69C applies only to unexplained or unrecorded expenditure; recorded educational expenses cannot be arbitrarily disallowed.
