Tag: Tax Law
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ITAT Mumbai: LTCG From Share Sale Cannot Be Taxed as Unexplained Income Under Section 68 Without Evidence
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that long-term capital gains (LTCG) from share transactions cannot be treated as...
‘Every Statute Is Prima Facie Prospective’: Supreme Court of India Rules CST Act Amendment Cannot Defeat Accrued Rights
Introduction
In a significant ruling on statutory interpretation and tax law, the Supreme Court of India reaffirmed a settled principle. Every statute operates prospectively unless...
‘Targeted Vendetta’: Supreme Court Imposes ₹5 Lakh Cost on Union Government Over ITAT Appointment Delay
Introduction
In a sharp rebuke to executive arbitrariness, the Supreme Court of India imposed ₹5 lakh in costs on the Union Government of India. The...
