Interest on delayed GST applies by operation of law, and contractual disputes do not bind tax authorities. Issue Issue I (Interest & Recovery): Whether a court can grant a blanket waiver of interest, penalty, and statutory time limitations for delayed GST returns, or allow return amendments contrary to the statute. Issue II (Contractual Reimbursement): Whether… Read More »
INCOME TAX CASE LAWS 27.06.2026 Relevant Act Section Case Law Title Citation Brief Summary Income-tax Act, 1961 Sec 2(47) Income-tax Officer v. Ramesh Shankarlal Bhandari Click Here Relinquishing all development and possessory rights over a land parcel for a lump-sum consideration amounts to a ‘transfer’. The assessee is entitled to the full indexed cost… Read More »
Concealment penalty under Section 271(1)(c) is unsustainable when quantum addition is based on estimation. Issue Whether the Tribunal was correct in law by setting aside a concealment penalty levied under Section 271(1)(c) on the ground that the underlying quantum addition for bogus purchases had been restricted and sustained purely on an estimated percentage (12.5%). Facts… Read More »
Assessment is time-barred and invalid if the Assessing Officer fails to pass an order within the prescribed statutory period after a Tribunal remand. Assessment is time-barred and invalid if the Assessing Officer fails to pass an order within the prescribed statutory period after a Tribunal remand. Issue Whether the failure of the Assessing Officer to… Read More »
Condonation of delay for filing Form 10-IC is rejected due to prolonged corporate non-compliance. Issue Whether the Commissioner was legally justified in rejecting the assessee-company’s application under Section 119(2)(b) for condonation of delay in filing Form 10-IC to claim the concessional tax rate under Section 115BAA, when the application was filed beyond the three-year limit… Read More »
Assessment order violating natural justice is maintainable under writ jurisdiction and liable to be quashed. Issue Whether a writ petition under Article 226 of the Constitution of India is maintainable against a high-demand assessment order passed in violation of the principles of natural justice and mandatory statutory procedures, despite the availability of an alternative statutory… Read More »
Long-term capital gains from shares held for eight years cannot be treated as a sham penny stock transaction based solely on general investigation reports. Issue Whether long-term capital gains earned from the sale of shares held for over eight years can be treated as an unexplained cash credit under Section 68, and accompanied by a… Read More »
Forex losses from capital transactions are non-operating, and functionally dissimilar companies must be excluded. Issue Issue I & II (Section 92C): Whether foreign exchange losses arising from External Commercial Borrowings (ECBs) and capital transactions should be treated as non-operating expenses when computing the Profit Level Indicator (PLI), and whether an automotive/renewable energy component manufacturer can… Read More »
Employee benefit expenses and coupon interest on Indian currency NCDs are fully allowable. Issue Issue I (Section 37): Whether the Assessing Officer can disallow an increase in genuine employee benefit expenses simply because the company’s operational revenue declined during the year. Issue II (Section 92C): Whether Prime Lending Rate (PLR) or External Benchmark-based Lending Rate… Read More »
Provisions of Section 43CA cannot be applied retrospectively to transactions finalized before its enactment. Issue Whether the newly inserted provisions of Section 43CA could be applied retrospectively to flat allotments made in a prior year, and whether interest costs and foreign exchange fluctuation losses incurred by a real estate developer can be claimed as period… Read More »