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Revaluation of Assets as Capital Gains: ITAT Rules that Asset Revaluation Constitutes Transfer ‘Otherwise’ Under S. 45(4) of the ITA
ITAT Hyderabad clarifies that crediting revalued assets to partner accounts triggers capital gains under ITA's s. 45(4).
Aug 10, 20244 min read
Natural Justice and Procedural Compliance in GST Adjudication: A Judicial Interpretation by Allahabad HC
An analysis of how courts address natural justice and procedural compliance in GST cases, highlighting key taxpayer obligations and remedies
Aug 10, 20243 min read
Bombay High Court Invalidates Reassessment for Non-Compliance with S. 151A: A Critical Review of Procedural Errors in Tax Notices
Ruling quashes tax reassessment due to flawed procedural compliance, underscoring legal adherence necessities.
Aug 9, 20243 min read
Madras High Court: Discretionary ESOP Compensation is Taxable as Perquisite
Madras High Court rules that one-time discretionary compensation for loss in future accretion with respect to ESOPs is taxable as perquisite
Aug 9, 20248 min read
[ITAT] Cash Transactions in Property Sales: Section 271D Penalty Unwarranted, Section 269ST Applies
ITAT finds no penalty warranted under s. 271D for cash transactions in property sales, highlighting the relevance of s. 269ST instead.
Aug 7, 20244 min read
[Supreme Court] Banks Must Follow the MSME Revival Framework Before Classifying Accounts as NPAs
SC mandates MSME restructuring before NPA status, reinforcing legal protections for small businesses.
Aug 7, 20243 min read
[ITAT] Tax Exemption on Mutuality Grounds Not Applicable to Advocates Welfare Fund
ITAT holds: Advocates Welfare Fund fails to meet mutuality criteria, disqualifying it from tax exemptions under the Income Tax Act, 1961.
Aug 3, 20243 min read
SAFEMA Clarifies the Extent of Its Powers: Only the Special Court Holds Authority to Release Property
SAFEMA Tribunal confirms only the Special Court can release property under s. 8 of the PMLA.
Aug 3, 20242 min read
Corporate Guarantor v. Principal Debtor: Supreme Court Clarifies Distinct Liabilities under IBC
Supreme Court rules guarantor and debtor liabilities as distinct under IBC, allowing creditors dual recovery paths.
Aug 1, 20244 min read
GST Penalty Case Overturned: Calcutta High Court’s Directive Based on New Information
Calcutta High Court remands GST penalty after new IOCL evidence, questioning the use of Goa's advance ruling in West Bengal.
Aug 1, 20243 min read
Bank Guarantees Are Not CD’s Assets: NCLT Kolkata Bench Clarifies That Bank Guarantees Can Be Invoked During Moratorium Period
NCLT Kolkata confirms the independence of bank guarantees from insolvency moratoriums, ensuring enforceability during CIRP.
Aug 1, 20243 min read
Navigating Notional Losses: Punjab & Haryana High Court Clarifies Rules on Carry Forward of Business Losses
The Punjab & Haryana High Court clarifies the treatment of notional losses, allowing the carry forward of losses due to market fluctuations.
Aug 1, 20244 min read
Kerala High Court Upholds Levy of GST on Services by Associations/Clubs to Its Members; However, with Prospective Effect
Kerala HC rules GST on club services to members is valid but only applies prospectively.
Jul 31, 20246 min read
De Beers Consolidated Mines v. Howe: A Landmark Judgment Where Central Management Outweighed Location for Taxation Purposes
House of Lords rules: Company's tax residency determined by central management, not incorporation.
Jul 30, 20244 min read
Supreme Court Upholds Strict Application of S. 80 of the CPC in Limitation Cases
SC mandates notice under CPC s.80 before suits against the government, stressing strict procedural compliance.
Jul 29, 20243 min read
[ITAT – Jaipur] Deletes Additions Made on the Basis of Loose Sheets in the Absence of Corroborative Evidence
ITAT rules against uncorroborated tax additions, emphasising the need for evidence and procedural fairness.
Jul 29, 20243 min read
[High Court – Rajasthan] No Restriction on Filing Advance Ruling Applications for Persons Liable to Pay Tax on Reverse Charge Basis under the CGST Act
Rajasthan High Court affirms that reverse charge taxpayers can seek CGST advance rulings, broadening applicant definitions.
Jul 29, 20243 min read
The Seriousness of the Charges Cannot Come in the Way of the Constitutional Right to Speedy Trial: Supreme Court
The seriousness of the charges cannot come in the way of the constitutional right to speedy trial: Supreme Court
Jul 28, 20244 min read
Supreme Court Clarifies Judicial Limits in Arbitration Agreements and the Role of Discharge Vouchers
Supreme Court clarifies judicial Limits in arbitration agreements and the role of discharge vouchers
Jul 27, 20244 min read
[Gujarat HC] Reassessment Proceedings Set Aside Due to Jurisdiction Issues and Approval of Resolution Plan under the IBC
Gujarat HC quashes tax reassessment after case transfer and IBC resolution approval, citing lack of AO jurisdiction.
Jul 27, 20243 min read