The ITAT upheld the classification of a Rs.5 crore loss on the sale of shares as a capital loss, not a business loss, because the NBFC consistently held the shares as non-current investments for over ...

Reassessment based on a new Permanent Establishment (PE) ground, which was absent from the initial notice, was quashed by the Delhi High Court. The court ruled that tax authorities must adhere ...

Rejecting the petitioner's request to keep recovery in abeyance, the Madras HC directed the assessee to comply with the mandatory 20% pre-deposit for AY 2019-2020. Failure to pay will result in the ...

The ITAT Delhi ruled that the surcharge rate on the residual income of a trust must be restricted to 15%, not 37%. This decision follows the principle that the surcharge rate is governed by the ...

ITAT Chennai allowed the appeal of MLS Enterprises for statistical purposes, subject to a ₹10,000 cost, restoring the matter to the CIT(A). The central issue is the prospective nature of the Section ...

The ITAT Dehradun set aside a penalty under Section 270A, holding that the Assessing Officer failed to specify the exact clause of misreporting invoked. The penalty was declared invalid and ...

The High Court set aside the GST Department’s order attaching payments due to a contractor, holding that no reasons or legal provisions were cited. The Court emphasized compliance with Supreme Court ...

Tribunal found that the Assessing Officer made additions without examining whether the trust followed a cash or accrual accounting system. The matter was remanded for de novo verification to ensure ...

The ITAT sent a tax assessment case back to the CIT(A) for reconsideration, citing the assessee's claim of DIN absence in the assessment order. The appellate authority must now adjudicate on both the ...

The High Court set aside an order against Sai Computers, ruling that the final GST demand of Rs. 155,878.26 was invalid as it grossly exceeded the Rs. 20,916.90 specified in the initial show-cause ...

The Madras High Court allowed TVS Srichakra Limited's plea, declaring Notification Nos. 14/2017, 15/2017, and 16/2017 ultra vires for exceeding the scope of Section 68(2) of the Finance Act, 1994, and ...

Agent's Cash Deposits Were Company Collections The ITAT ruled that cash deposits of ₹19.04 lakh made by commission agent Shyam Singh Hetta were reconciled collections for his principal, DTM Pvt. Ltd., ...