Bombay High Court Stays Rs.32.39 Crores IT Demand Notice To PayPal The matter has been posted for hearing on 8 January 2024 The Bombay High Court has stayed an Income Tax (IT) demand and penalty...
Section 56(2) (viic) of IT Act Does Not Apply To Fresh Issuance Or Allotment Of Shares By A Company: Gujarat High Court The bench placed reliance on a settled principle of law that what cannot be...
Supreme Court: Profit From Foreign Exchange Fluctuations is Not Eligible for Deduction under S.80 HHC Income Tax Act In a landmark ruling, the Supreme Court of India has held that profit from...
Delhi High Court: Seized Cash To Be Treated As Advance Tax; No Default In Payment Despite several representations by the assessee, the Income Tax department had ignored his pleas The Delhi High...
RBI Takes Stringent Action Against Co-operative Banks and NBFC for Regulatory Lapses The Reserve Bank of India (RBI) has imposed monetary penalties on four cooperative banks and a non-banking...
Bombay High Court: Arbitration Award Amount Received By Retiring Partner For Relinquishing Claim In Firm Not Taxable That’s because it does not fall within the scope of ‘capital gains’ The...
Bombay High Court Quashes Reassessment Notice, Holding Amount Received Through Arbitration Not Taxable In a landmark ruling, the Bombay High Court has ruled that amounts received in the settlement...
Delhi High Court upholds reassessment on wrongful application by Trust on foreign contribution’s objective It disclosed the purpose as ‘social’, whereas the ITR stated it as ‘preservation of...
Delhi High Court Sets Aside Non-Reasoned Order on TDS Deduction Rate, Directs Fresh Assessment The Delhi High Court has revoked the non-speaking order that denied the issuance of a lower deduction...
Bombay High Court Orders Refund for Vodafone Idea in Time-Barred Tax Dispute The Bombay High Court has ruled that the assessment order issued by the Faceless Assessing Officer (FAO) on August 31,...
Delhi High Court: Limitation under Section 143(2) Determined by ITR Filing Date and Not Defect Removal Date The Delhi High Court has ruled that if an income tax return is deemed valid but contains...
Delhi High Court: ITR Filing Date Relevant For Calculating Section 143(2) Limitation Stresses that the notice cannot be served on the assessee after the expiry of six months The Delhi High Court...
