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Flight tracking platform Flightradar24 reports that an American Airlines service traveling to Delhi faced cancellation on Friday night. The unexpected halt in air traffic operations caused total disruption across three India-bound services. Authorities have not yet disclosed further details regarding the remaining affected flights or passenger accommodations.
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The Chennai bench of the Income Tax Appellate Tribunal dismissed a tax department appeal because the disputed revenue amount fell below the mandatory monetary threshold of sixty lakh rupees. Tax authorities had challenged an earlier relief granted to a taxpayer before the appellate forum. Finance professionals must note that low-value litigation remains restricted under existing administrative circular guidelines.
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The Supreme Court held that the legal principle of res judicata between co-respondents applies only when there was an actual conflict of interest between them and a decision was necessary to resolve the dispute. The ruling clarifies the conditions required for prior judgments to bar subsequent litigation among co-parties. Legal practitioners must evaluate past proceedings carefully before raising this defense in corporate disputes.
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The Bombay High Court ruled that tax authorities cannot add the entire value of unverified purchases to taxable income if the consumption of those materials is accepted. The court emphasized that only the profit element embedded in such transactions can be subjected to taxation. Tax practitioners must ensure assessments restrict additions to estimated profit margins rather than gross purchase values.
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The Bombay High Court ruled that only twelve point five percent of disputed bogus purchases is taxable as profit, rather than the entire purchase amount. The decision provides relief to taxpayers facing aggressive additions by tax authorities on unverified transactions. Tax professionals can rely on this percentage to contest disproportionate additions during appellate hearings.
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The Supreme Court has held that statutory appeals under the Insolvency and Bankruptcy Code must ordinarily take precedence over writ remedies. This ruling directs litigants to utilize established appellate forums rather than approaching high courts directly for relief under constitutional provisions.
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The Bombay High Court held that only the profit element is taxable on disputed purchases when the underlying business transactions are accepted. Tax authorities erred by attempting to treat the entire purchase expenditure as taxable income without accounting for material utilization. Chartered accountants should use this principle to defend clients against arbitrary full-value tax additions.
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The NCLAT Delhi has ruled that a penal interest claim amounting to Rs 14,391 crore does not constitute a financial debt under the Insolvency and Bankruptcy Code. This decision provides clarity on what obligations can be classified as financial debt during corporate insolvency proceedings.
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The Tamil Nadu government has amended the Goods and Services Tax Act to modify rules governing post-supply discounts, credit notes, tax refunds, and advance rulings. These legislative adjustments feature varying implementation dates across the revised provisions to align state laws with broader tax administration updates.
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The Karnataka High Court quashed an income tax reassessment notice tied to a Rs 60 lakh property purchase because the final taxable addition was restricted to Rs 10 lakh. This amount fell below the statutory monetary threshold required under Section 149 for reopening assessments beyond three years.
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The Karnataka High Court quashed an ex parte Goods and Services Tax adjudication order issued under Section 74 after accepting that severe illness, surgery, and prolonged medical treatment prevented the taxpayer from responding to the show cause notice. The court granted the taxpayer a fresh opportunity to present their case.
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The Karnataka High Court ordered the restoration of a Goods and Services Tax appeal that had been rejected for failing to submit a certified copy of the order. The court applied the amended Rule 108(3), which governs documentary submission norms when orders are unavailable on the portal.
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