The ITAT Chennai ruled on whether land was an urban capital asset and on the correct sale consideration. It held the land was a capital asset but restricted taxable sale consideration to the amount for land actually transferred in the assessment year.
The ITAT Chennai has ruled that capital gains tax cannot be levied on a minor’s share of property sale proceeds if the funds are deposited under a court order.
The ITAT Mumbai dismissed income tax appeals against Hardcastle Restaurants, holding that additions cannot be made to completed assessments without incriminating material found during a search operation.
NCLAT ruled that dues assessed post-moratorium and not claimed during CIRP cannot be enforced against the resolution applicant. Appeal dismissed.
The Allahabad High Court disposed of multiple petitions from an individual challenging summoning orders in cheque bounce cases under the Negotiable Instruments Act.
The Calcutta High Court upholds the ITAT’s decision, ruling that the reopening of a tax assessment was invalid due to a lack of independent reasoning by the tax officer.
Punjab and Haryana High Court has granted bail to an accused in a ₹7 crore GST fraud case, citing a lengthy trial and petitioner’s lack of a criminal record.
The Delhi ITAT has ruled that while unexplained demonetization cash deposits are taxable, the 60% rate under Section 115BBE is not applicable for AY 2017-18.
The Allahabad High Court has nullified tax orders and demands against a company, ruling that all pre-existing claims are extinguished once a CIRP resolution plan is approved.
The Jharkhand High Court has quashed a tax notice issued to Ravi Singh Bhatia, ruling that authorities failed to consider his reply to a show-cause notice.
