The Karnataka High Court directed the Income Tax Department to issue a refund with interest to M N Dastur & Company, reinforcing that refunds cannot be withheld after an ITAT order.
The Supreme Court ruled that a promissory note’s cash component cannot be disbelieved for lack of separate proof. The ruling reinforces that the Negotiable Instruments Act presumption applies to the full value.
The ITAT Bangalore ruled in favor of HP India Sales, quashing major tax additions. The tribunal upheld the company’s consistent accounting practices for revenue recognition, discounts, and provisions, reinforcing mercantile principles.
The ITAT granted Lowe’s India partial relief, allowing an 80G deduction for CSR donations while correcting MAT profit and other disallowances. The transfer pricing issue was remanded for a fresh review.
The ITAT Bangalore deleted a Rs.23.77 Cr capitation fee addition and restored exemption u/s 11 for Sri Devaraj Urs Educational Trust, ruling that uncorroborated documents and contradictory statements lack evidentiary value.
The Karnataka High Court quashed a Rs.9.10 Cr ex-parte reassessment order against Arcade Constructions, ruling that a proper opportunity of hearing is essential.
Karnataka HC dismisses Revenue’s appeal, ruling that all reassessment notices for A.Y. 2015-16 issued after April 1, 2021, are invalid as per Supreme Court precedent.
The ITAT restores an NRI’s tax appeal, condoning a 442-day delay. The Tribunal ruled that genuine hardships justify overlooking technicalities and directed a rehearing on the merits.
ITAT Mumbai remands an NRI’s tax case for a new hearing, citing improper service of notice. The Tribunal directs the CIT(A) to re-examine the validity of the assessment reopening.
ITAT Ahmedabad rules that cash deposits made during demonetisation cannot be singled out and must be treated as business income, allowing an assessee’s appeal and deleting a Rs.26.57 lakh addition.
