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The Chennai bench of CESTAT ruled in favor of a special economic zone entity, permitting a service tax refund of ₹1.26 crore. Revenue authorities had initially rejected the claim due to the filing of a single consolidated application instead of separate quarterly submissions. The tribunal held that substantive benefit cannot be denied merely on procedural grounds.
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The Bombay High Court has ruled that issuing a final tax assessment without first providing a draft order under Section 144C is invalid. This legal safeguard ensures taxpayers receive adequate opportunity to object to proposed adjustments before authorities finalize their liabilities. Finance professionals must verify procedural compliance when handling contentious tax assessments.
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The Indore bench of the Income Tax Appellate Tribunal remanded a tax relief claim worth ₹56.98 lakh back to lower authorities. The dispute centers on Section 54 provisions where supporting proof of construction was missing from the records. The case will now undergo a fresh review.
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The Indian rupee strengthened to a two-week peak driven by declining crude oil prices, lower bond yields, and surging stock markets. Foreign institutional investments recorded heavy net purchases, with market experts stressing that sustained capital inflows remain vital to support the currency.
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The Nagpur bench of the Income Tax Appellate Tribunal held that citing a wrong legal provision cannot serve as the sole reason to reject a 12A registration application. The tribunal emphasized that substantive compliance by charitable entities outweighs minor drafting errors in applications. This ruling protects genuine trusts from procedural technicalities.
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An individual stock trader successfully contested a tax notice challenging a trading loss amounting to ₹21.6 lakh. Authorities had questioned the legitimacy of the claimed losses from market operations. The favorable ruling validates the trader's financial records and accounting of equity transactions.
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Indian share markets concluded the trading session with solid gains, propelled by widespread buying activity across sectors. The benchmark Nifty 50 index advanced by 2.40% by the end of the trading day.
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The Income Tax Appellate Tribunal in Chennai ruled that an inquiry into trust registration cannot morph into a tax assessment. The tribunal subsequently remanded the Section 12AB application back for fresh review.
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The Income Tax Appellate Tribunal in Pune held that export commission and brochure expenses qualify for overseas income exemptions. The ruling provides relief to taxpayers claiming deductions on foreign business expenditures.
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The Delhi High Court held that historical pay parity cannot override distinctions established by expert pay commissions. The ruling emphasizes the primacy of specialized expert panels in determining remuneration structures.
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The Bombay High Court ruled that computational errors in applying Section 54F cannot be used to artificially inflate tax demands on capital gains. The court emphasized accurate application of statutory exemption formulas when taxpayers reinvest sale proceeds into residential property. This decision shields taxpayers from erroneous tax liabilities.
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Choice Wealth forecasts the Nifty index to touch 26,500 to 27,000 and the Sensex to hit 86,000 to 88,000 over a 12-month period. The projection is backed by strong earnings and resilient growth, though elevated crude prices and geopolitical tensions remain risks.
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