Today, On 10th July, the Chief Justice criticized late income tax filings, citing support for Xerox and emphasizing trust in the courts for MNCs’ job and revenue creation. The Supreme Court rejected Xerox’s appeal due to a 290-day delay, highlighting the importance of timely tax submissions. The finance ministry faces over 1.5 lakh ongoing tax-related court cases as of July 2023.
The Supreme Court allowed the Income Tax department to reassess Environics Trust’s income, stemming from allegations of orchestrating protests. No final orders will be issued yet. The court directed the NGO to cooperate with the investigation. The department alleged that the trust’s activities hinder Indian projects and receive most income from foreign sources.
Today (29th March): The Congress party faces a tax notice exceeding Rs 1,800 crore after the Delhi High Court rejects its appeals. The notice covers assessment years 2017-18 and 2020-21 and includes penalties and interest charges. The party accuses the BJP of “tax terrorism” and plans to challenge the demands in the Supreme Court, vowing to continue its campaign for the upcoming parliamentary polls.
Today (March 22) The Delhi High Court dismissed three INC petitions contesting tax reassessment by the IT Department. The Division Bench addressed all arguments but one about the timing of reassessment initiation. Congress can present its case before the March 31 deadline. The dispute arose when the IT Department froze four bank accounts, demanding Rs 210 crores.
Bharat Rashtra Samithi (BRS) leader and former Member of Parliament, K Kavitha, has been taken into custody by the Enforcement Directorate (ED) on Friday amid allegations related to the Delhi excise policy scam. The memo, issued at 5.20 pm, was signed by the investigation officer, Assistant Director Joginder. Today (March 15), Bharat Rashtra Samithi (BRS) […]
Today (12th March): The Delhi High Court has deferred its verdict on the Congress party’s petition seeking a stay on the Income Tax Department’s notice demanding over Rs 105 crore in taxes. The court indicated no apparent flaws in the Income Tax Appellate Tribunal’s ruling. The Congress argued urgency due to the upcoming elections. The party’s frozen accounts were central to the dispute.
The Delhi High Court dismissed the Income Tax department’s claim that fees from LexisNexis were taxable as “royalties.” It emphasized that subscribing to a legal database does not transfer copyright. The Court ruled in favor of Relx Inc., stating that accessing the database does not constitute technical consultancy services, upholding the ITAT’s decision.
The Kerala High Court, in a significant move, has appointed an amicus curiae to aid in the examination of a plea that challenges the decision of the Vigilance Special Court in Muvattupuzha. The court had earlier dismissed the probe into the purported illicit financial transactions between Cochin Minerals and Rutile Limited (CMRL) and Chief Minister […]