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    Tag: Indian tax law

    Big Relief for Lalit Modi as ITAT Quashes Rs.20 Crore Tax Reassessment
    Big Relief for Lalit Modi as ITAT Quashes Rs.20 Crore Tax Reassessment
    Other CourtsLatest news

    Big Relief for Lalit Modi as ITAT Quashes Rs.20 Crore Tax Reassessment

    The Income Tax Appellate Tribunal annulled a reassessment order against Lalit Kumar Modi for AY 2010–11 that had raised his taxable income from Rs 54.81 lakh to Rs 20.12 crore, citing unexplained credit card spending, private jet lease and fuel costs, and Golden Wings liabilities.

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    Section 74 GST Order| No Writ Against GST Penalty When Appeal Remedy Exists: Gujarat High Court
    Section 74 GST Order| No Writ Against GST Penalty When Appeal Remedy Exists: Gujarat High Court
    High CourtLatest news

    Section 74 GST Order| No Writ Against GST Penalty When Appeal Remedy Exists: Gujarat High Court

    The Gujarat High Court held that a writ petition is not maintainable against a Section 74 GST order when a statutory appeal exists, refusing to quash penalty over alleged fake firms. Justices A.S. Supehia and Pranav Trivedi allowed withdrawal with liberty to file afresh.

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    FTC Cannot Be Denied Merely For Late Filing Of Form 67 Under Income Tax Rule : Delhi HC
    FTC Cannot Be Denied Merely For Late Filing Of Form 67 Under Income Tax Rule : Delhi HC
    High CourtLatest news

    FTC Cannot Be Denied Merely For Late Filing Of Form 67 Under Income Tax Rule : Delhi HC

    The Delhi High Court ruled Foreign Tax Credit cannot be denied solely for delayed Form 67 filing, directing reconsideration within two months. Real Time Data Services Private Limited challenged FTC denial for AY 2020-21 and subsequent years.

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    Revision Cannot Be Used as a Tool for Fishing Enquiries or Fresh Investigation: ITAT Grants Relief to Mukul Rohatgi in Rs.133 Crore Income Assessment Case
    Revision Cannot Be Used as a Tool for Fishing Enquiries or Fresh Investigation: ITAT Grants Relief to Mukul Rohatgi in Rs.133 Crore Income Assessment Case
    Other CourtsLatest news

    Revision Cannot Be Used as a Tool for Fishing Enquiries or Fresh Investigation: ITAT Grants Relief to Mukul Rohatgi in Rs.133 Crore Income Assessment Case

    The Delhi bench of the Income Tax Appellate Tribunal quashed a revision against senior advocate Mukul Rohatgi for AY 2020–21, holding that reopening his Rs 133.46 crore assessment lacked legal basis and could not rest on mere re-inquiry alone.

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    Tax Refund Can Be Granted Only When Burden Is Not Transferred: Supreme Court
    Tax Refund Can Be Granted Only When Burden Is Not Transferred: Supreme Court
    Supreme Court

    Tax Refund Can Be Granted Only When Burden Is Not Transferred: Supreme Court

    The Supreme Court of India held that tax refunds are payable only when the burden has not been passed on, warning courts against creating mechanisms beyond statutory limits. Referring to Section 54, it directed amounts to the Consumer Fund.

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    Supreme Court Rejects Tata Sponge Iron’s Plea Against Odisha Entry Tax, No Refund Allowed
    Supreme Court Rejects Tata Sponge Iron’s Plea Against Odisha Entry Tax, No Refund Allowed
    Supreme Court

    Supreme Court Rejects Tata Sponge Iron’s Plea Against Odisha Entry Tax, No Refund Allowed

    The Supreme Court refused to entertain Tata Sponge Iron Limited’s challenge to constitutional validity of the Odisha Entry Tax Act, 1999, upholding Orissa High Court’s dismissal. A Bench of Justices Aravind Kumar and Prasanna B Varale found no infirmity.

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