The Madras High Court ruled that short-term capital gains from the sale of depreciable business assets can be set off against brought forward business losses, citing a similar Bombay High Court judgment.
ITAT Surat dismisses Shree Infra’s appeal, affirming PCIT’s directive for fresh assessment on deemed rental income from unsold stock-in-trade flats under Section 23(5) for A.Y. 2018-19.
CESTAT Delhi rules Customs Act not applicable to gold seized from a transit passenger from Bangkok to Dubai via New Delhi, overturning confiscation and penalty.
ITAT Delhi has deleted a ₹3.92 crore tax addition against I.P. Constructions, finding that Assessing Officer’s calculation of project completion percentage was based on an arithmetic error.
ITAT Pune ruled that interest from deposits in cooperative banks is eligible for deduction under Section 80P of Income Tax Act, treating them as cooperative societies.
The Madras High Court ruled that the Commercial Tax Department can initiate proceedings to void the sale of a property if the original owner had sales tax arrears, citing Section 53 of the Transfer of Property Act.
Madras High Court has quashed Section 73 assessment orders, ruling that belated GST Input Tax Credit claims made before November 30, 2021, are valid under Section 16(5).
Delhi High Court permits release of 64-gram gold piece seized for non-declaration, directing payment of fine and penalty, and re-export, as per Customs order.
Delhi High Court allows MCM Construction to proceed with service tax appeal by waiving balance pre-deposit, citing substantial prior payments and judicial precedents.
The Himachal Pradesh High Court has set aside a GST order against Chander Mukhi Resorts, ruling that the company was not given a mandatory personal hearing.
