Pune ITAT deletes deemed rental income addition on unsold flats for Kumar Properties, citing no exempt income for Section 14A disallowance.
ITAT Mumbai dismisses Pegasus Properties’ appeal for AY 2015-16 as infructuous, citing a previously heard physical appeal against the same order.
Karnataka High Court allows appeal for Premalatha Pagaria, condoning 350-day delay, citing ‘sufficient cause’ and auditor’s oversight.
Bombay High Court grants interim stay on GST levy for assignment of MIDC leasehold rights, aligning with a recent Gujarat High Court precedent.
Gujarat High Court sets aside GST demand on transfer of leasehold rights in industrial plot by Time Technoplast to its subsidiary, citing previous judgments.
Rajasthan High Court grants bail to Ankit Jain in a GST fraud case, citing Supreme Court precedents, filed charge-sheet, and the nature of evidence.
Supreme Court clarifies powers for tax searches under Sec 132. It’s an administrative act; courts won’t weigh sufficiency of reasons, only check for bad faith.
Supreme Court rules 2015 amendment to Income Tax Act’s Section 153C, broadening third-party assessment, is not retrospective; applies only to searches after June 1, 2015.
The Supreme Court clarifies that the six-year tax assessment period for third parties, whose documents are seized, starts from the date their AO receives materials, not the original search date.
ITAT Mumbai rules in favor of JM Financial Properties, upholding interest expense deductions for AY 2013-14 and 2014-15. The tribunal affirmed the commercial expediency of an interest-free security deposit for business purposes.
