Madras High Court upholds reassessment against Empee Holdings, affirming factual findings on interest-free loans to group companies and disallowing set-off.
Mumbai ITAT clarifies Section 54F capital gains exemption, ruling that co-ownership does not disqualify an assessee from claiming tax benefits on new residential property.
The ITAT Delhi addressed cross-appeals in Amit Gupta vs. ACIT, ruling on Section 54B deduction based on extended return filing dates and clarifying Section 54F exemption for jointly owned property.
ITAT Jaipur clarifies Section 54F, ruling that booking a flat doesn’t equal ownership for exemption conditions. A key verdict on capital gains tax relief.
ITAT Cochin examines capital gains exemption validity under Section 54F and remands agricultural income assessment for re-evaluation.
Madras High Court rules GST appeal limitation period begins from the physical dispatch date of the assessment order, not the order date. Appeal rejected for delay now to be heard on merits.
Supreme Court outlines mandatory steps for income tax reassessment, requiring AO to provide reasons and dispose of objections before assessment.
The Calcutta High Court ruled that taxpayers cannot be prejudiced by inadequate information in GST refund deficiency memos, allowing re-filing of applications.
Bombay High Court slaps ₹10,000 cost on Zarah Rafique Malik for failing to inform the tax officer about pending DRP objections, setting aside the assessment order for re-consideration.
ITAT Surat rules cash in real estate business isn’t automatically unexplained for demonetization deposits. Reduces ₹7.54L addition, cites Supreme Court on cash balances.
