Madras High Court
Latest news, explainers and analysis on Madras High Court. Tracking 2 stories on Arth Vani.
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BreakingMadras High Court: Tax Reassessment Without Proper Notice Invalid From Start
The Madras High Court has ruled that any tax reassessment initiated by the Income Tax Department without first issuing a valid notice under Section 143(2) of the Income Tax Act is 'Void Ab Initio,' meaning it is invalid from its very beginning. This significant judgment reinforces the importance of procedural correctness and protects taxpayers' rights to be heard before an assessment can be completed.
Madras HC Upholds SBI Rate for Employee Loan Perquisite Tax
The Madras High Court has dismissed a challenge by the Catholic Syrian Bank Forum, reaffirming that the State Bank of India's (SBI) lending rate will continue to be the benchmark for valuing concessional loans provided by employers to employees. This ruling ensures the current method of calculating tax on such employee perquisites remains in effect, impacting many salaried individuals across India.
Tax figures shown are indicative estimates for education only and depend on your specific situation. Consult a qualified tax professional or the Income-Tax Department before acting.