Bombay High Court upholds disallowance of short-term capital loss in Trends Pharma case, finding the share transaction a sham to avoid tax.
ITAT Pune held that estimation of profit at 8% in case of contract work for government department, by taking provisions of section 44AD of the Income Tax Act as parameter, is justifiable. Accordingly, order of CIT(A) uphold.
ITAT Ahmedabad rules selective addition under section 69B for cash deposits during demonetization period as unjustified, allowing taxpayer’s appeal.
ITAT Chandigarh held that initiation of revisionary proceedings under section 263 of the Income Tax Act on the basis of audit objection is not permissible. Accordingly, order of PCIT quashed and appeal of assessee allowed.
Gujarat High Court held that imposition of Integrated Goods and Services Tax [IGST] on ocean freight on reverse charge basis is unconstitutional thus voluntary payment of such IGST by the importer is refundable even after limitation period.
Orissa HC grants stay on appellate order, citing lack of tribunal and revised deposit rules. Petitioner to deposit 10% of disputed tax.
Karnataka HC sets aside orders against MMIL over delayed ITC claim, remands case for reconsideration under amended Finance Act, 2024 provisions.
ITAT Mumbai rules Section 40(a)(ia) disallowance unsustainable for payments to Maharashtra Govt and unpaid liabilities, providing partial relief to Mahaonline Ltd.
Uttarakhand High Court directs GST registration revocation be considered after payment of dues. Court orders decision within two weeks of application.
Orissa High Court rejects Janakalyana Parisada’s challenge to a tender, citing their GST cancellation and valid proposal extension.
