High Court set aside the AO’s addition of expenses in the assessment of a SEBI Category II AIF, holding that the addition was unlawful as no deduction was claimed by the fund or its unit holders.
The ITAT in Mumbai has restricted an income tax disallowance on alleged bogus purchases for Quality Heightcon, capping it at 12.5% of the total amount and citing judicial precedents.
Delhi High Court rules that the Income Tax Department cannot claim funds from a Ponzi scam for tax dues, as the money is not “income” but “proceeds of crime.”
ITAT Hyderabad upheld a revision order denying capital gains exemption, citing an unregistered sale agreement between a husband and wife as insufficient proof.
The ITAT Bangalore ruled in Ramesh Kumar vs. ACIT that capital gains tax can’t be levied based on mere possession, a commencement certificate, and an unregistered Power of Attorney.
Delhi High Court in VRG Electronics v. PCIT reaffirms a liberal approach to condoning ITR filing delays under Section 119(2)(b). Court ruled that an accountant’s negligence can constitute genuine hardship.
The Orissa High Court has remitted a GST case, allowing a taxpayer to rectify a human error that led to an overclaimed Input Tax Credit.
The ITAT Pune bench partially allows the appeal of Avin Gopal Chotiya, upholding the disallowance of excess HRA claimed due to a shared rent agreement but deleting additions.
The Chhattisgarh High Court has granted bail to Aman Kumar Agrawal, accused of fraudulently availing over ₹23 crore in GST input tax credit. The court cited the completion of the investigation and the accused’s cooperation.
ITAT reverses a tax addition on cash withdrawals, ruling that they were genuine business turnover and not unexplained income.
