Interest paid on borrowed funds utilized for investment in group companies for strategic business purpose with commercial expediency cannot be disallowed u/s 36(1)(iii) – ITAT In a recent judgment, ITAT Chennai has held that interest paid on borrowed funds utilized for investment in group companies for strategic business …

Writ Court not to interfere if Petitioner has no defence to object to a special audit u/s 142(2A) In a recent judgment, Hon’ble High Court of Jharkhand has held that in a proceeding under Article 226 of the Constitution, the writ Court shall not exercise its discretionary jurisdiction …

Supreme Court reprimands Income Tax Department for filing SLPs with considerable delays Supreme Court reprimands the Income Tax Department for filing Special Leave Petitions with considerable delays only to seek an imprimatur of the Apex Court ABCAUS Case Law Citation:ABCAUS 4171 (2024) (07) SC In A recent judgment, …

Issue of notice u/s 148 before approval by CIT is void ab initio- Supreme Court dismissed SLP  In a recent judgment, Hon’ble Supreme Court dismissed the Special Leave Petition of the Revenue against the judgment that Issue of notice u/s 148 before grant of approval by CIT was …

No addition u/s 56(2)(viib) when no money/consideration was received by assessee on issue of shares which were allotted merely on account of conversion of outstanding loans In a recent judgment, Hon’ble High Court of Himanchal Pradesh has held that no addition can be made u/s 56(2)(viib) when no …

In a recent judgment, the Hon'ble Allahabad High Court has quashed the penalty order u/s 129 of UPGST Act 2017 holding that mentioning wrong place of delivery in e-way bill was human error in the absence of finding of mens rea for evading payment of tax