The Mumbai ITAT ruled that under Section 50C(3), the stamp duty value prevails over a higher DVO valuation. Learn how this impacts capital gains tax.
A Chandigarh hospital’s Rs.3.91 crore tax addition is remanded for reassessment after a faulty software report skewed patient data, causing a major tax dispute.
The Ahmedabad ITAT has ruled that Section 87A rebate is applicable on STCG under Section 111A for taxpayers with income below ₹7,00,000. Learn how this decision impacts you.
Kerala High Court held that dismissal of stay petition on the ground of failure to comply with a non-existing condition precedent is perverse and requires interference. Accordingly, writ admitted and order set aside.
ITAT Mumbai held that entire bogus purchases can never be treated as income only profit element embedded in the accommodation entry is to be brought to tax. Accordingly, order of CIT(A) restricting disallowance @12.5% justified.
The Delhi High Court ruled that Xilinx India Technology Services Pvt. Ltd. is entitled to interest on its delayed GST refund under Section 56 of the CGST Act affirming that interest is automatically payable without a separate claim if the refund is not processed within 60 days.
Sale proceeds of vintage car was taxable unless assessee proved that the car was used as a personal asset. Tribunal had rightly reversed the order passed by CIT (A), which had applied irrelevant considerations of wealth tax returns and non-claiming of depreciation in respect of the car by assessee.
Bombay High Court held that Section 194C and Section 194LA of the Income Tax Act would not apply when TDR Certificates are issued in lieu of compensation. Accordingly, order passed u/s. 201 and 201(1A) stayed.
ITAT Chennai held that passing of ex-parte order by CIT(A) due to non-compliance of assessee without going into merits is not justifiable. CIT(A) is bound to decide the appeal on merits even in the absence of assessee. Accordingly, matter restored back.
Assessee filed a writ petition challenging the Reserve Bank of India’s decision to return his compounding application. The application was filed after an adjudication order had already been passed against him under FEMA.
