The Income Tax Appellate Tribunal, Delhi has quashed a reassessment involving a Rs 53.50 lakh addition after finding the Assessing Officer never issued the mandatory Section 143(2) notice — holding that the taxpayer’s participation in proceedings could not cure the defect.
The Punjab and Haryana High Court has held that a statutory improvement trust does not lose its Section 12AA registration or Section 2(15) charitable status merely because it earns a surplus selling developed plots, where the surplus funds public welfare.
The Supreme Court has stayed the Tripura High Court’s judgment that read down Section 16(2)(c) of the CGST Act to protect a bona fide purchaser from Input Tax Credit denial over its supplier’s tax default — reopening a question many taxpayers had treated as settled.
The Delhi High Court has held that the discount on shares issued under an Employee Stock Option Plan or Employee Stock Purchase Scheme is deductible revenue expenditure under Section 37(1), following the Karnataka High Court’s Biocon ruling.
Delhi HC Confirms ESOP Discount Deductible Under Section 37(1) — PVR Ltd Case Explained Read Post »
The Orissa High Court has upheld rejection of a GST appeal filed beyond the four-month outer limit under Section 107 of the CGST Act, holding that the taxpayer’s own Form GST APL-01 declaration of the communication date is binding.
The ITAT Delhi has quashed a Section 148 reassessment notice for AY 2015-16 issued three days beyond the six-year outer limit, and deleted the resulting Rs 27.81 lakh penalty.
The Income Tax Department has activated Form 1 for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) on the e-Filing portal. A practical guide to eligibility, the 60% effective levy, the ₹1 lakh fee track, the valuation date, and how to file before 31 December 2026.
The Punjab & Haryana High Court has denied a taxpayer’s Section 54B capital gains exemption because the replacement agricultural land was purchased solely in his wife’s name, not jointly with him — a ruling delivered the same day as a contrasting Section 54F decision.
The Punjab & Haryana High Court has dismissed the Revenue’s appeal and upheld a taxpayer’s Section 54F capital gains exemption even though the replacement house was purchased jointly with his wife and son — because he had invested the entire capital gain himself.
The Allahabad High Court has quashed a ₹5.76 crore GST Show Cause Notice against HCL Infotech solely because it contained prejudicial remarks against the taxpayer — even after rejecting the taxpayer’s limitation and jurisdiction arguments.