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The ITAT Lucknow ruled that tax deductions under Section 80IB(10) cannot be rejected simply because Form 10CCB was filed late. The Central Processing Centre had disallowed the claim for housing project profits due to the procedural delay. This ruling protects taxpayers from administrative disallowances based strictly on filing timelines.
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The ITAT Mumbai remanded a tax case back to the lower appellate authority because it failed to rule on whether an appeal against Section 234A interest was maintainable. The Commissioner (Appeals) had dismissed the matter without addressing the core procedural question raised by the taxpayer. This decision reinforces the legal duty of appellate authorities to issue reasoned orders on every preliminary objection.
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The GSTAT Ranchi dismissed a revenue appeal because the taxpayer successfully demonstrated compliance with mandatory Goods and Services Tax pre-deposit requirements. The tax authority had contested the matter, overlooking the prior payment made to secure the appeal. This ruling confirms that verified pre-deposit fulfillment bars department challenges on that ground.
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The ITAT Bangalore cancelled a penalty levied under Section 271C for failing to deduct Tax Deducted at Source on overseas Leave Travel Concession payments. The tax authority had penalized the employer for treating foreign travel reimbursements as taxable salary components. The tribunal held that penalty proceedings cannot be sustained where a genuine legal debate exists regarding statutory interpretations.
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The Gujarat High Court struck down a ₹79.19 crore tax addition made on Compulsorily Convertible Preference Shares share premiums, ruling that the tax department applied the wrong valuation rule. The assessing officer had incorrectly calculated the fair market value of the shares issued to investors. This judgment protects corporate capital-raising transactions from arbitrary valuation additions.
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The Karnataka High Court quashed a customs adjudication order because the adjudicating authority failed to consider a formal request to rely on WhatsApp chat evidence. The petitioner argued that crucial communication records stored on the messaging application were arbitrarily ignored during the proceedings. This ruling reinforces the legal requirement for quasi-judicial authorities to address all submitted evidentiary materials.
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The Gujarat High Court ruled that investment gains earned through Portfolio Management Services must be taxed as capital gains rather than business income. The tax department had attempted to classify the returns as active business profits due to frequent transactions. This decision confirms that professional portfolio management does not automatically convert investments into trading business operations.
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The CESTAT Mumbai ruled that Starbucks bottled Frappuccino beverages attract a 12% Integrated Goods and Services Tax instead of the 28% rate demanded by authorities. The tax department had classified the ready-to-drink coffee beverages under luxury or sin goods categories. This ruling clarifies the correct classification for flavored milk-based and coffee beverages under indirect tax schedules.
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The Bengaluru bench of the Goods and Services Tax Appellate Tribunal has ruled that tax authorities cannot deny Input Tax Credit solely based on a mismatch between GSTR-2A and GSTR-3B. This decision provides relief to businesses facing credit rejections caused by reporting discrepancies between return forms. Chartered accountants and investors must ensure proper documentation is maintained to support all credit claims.
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Gold prices in Delhi experienced a sharp decline of ₹5,643 within a single week due to mounting international economic pressures. This steep correction reflects shifting global market dynamics that directly impact domestic bullion valuations. Investors and financial professionals should evaluate their commodity exposure and monitor ongoing international trends affecting precious metals.
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The Reserve Bank of India has granted approval allowing Paytm to revive its digital wallet business. This clearance enables the platform to resume key services within its digital payment ecosystem. Financial stakeholders and merchants should take note of this regulatory development regarding digital financial services.
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Coinbase has suspended Indian Rupee withdrawals for users in India, increasing operational hurdles for domestic digital asset traders. This restriction highlights the ongoing challenges cryptocurrency platforms face regarding local fiat currency processing. Investors and financial advisors must navigate these evolving banking limitations when managing digital asset portfolios.
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