148A Income Tax Notice issued ! Here is the Complete Procedure Procedure for issue of Notice u/s 148a income tax The procedure under Section 148A of the Income Tax Act, 1961, is a mandatory preliminary process that an Assessing Officer (AO) must follow before they can officially reopen a tax case. It ensures you… Read More »
Finance Bill 2026: Government Clarifies 12% Surcharge on Promoter Buybacks The Ministry of Finance has issued a formal clarification regarding the recent amendments to the Finance Bill, 2026. The update specifically addresses the tax implications for company promoters involved in share buybacks under Section 68 of the Companies Act, 2013. The clarification aims to distinguish… Read More »
Finance Bill 2026 Amendments: Easing Reassessments and Retrospective Validation to Curb Tax Litigation Finance Minister Nirmala Sitharaman has moved a series of crucial amendments to the Finance Bill, 2026, in the Lok Sabha. These changes are designed to provide a smoother transition to the new Income-tax Act, 2025 (effective April 1, 2026) while providing immediate… Read More »
New Income Tax Act 2026 from April 1: What deductions and exemptions you lose under new tax regime Under the New Tax Regime (governed by Section 202 of the Income-tax Act, 2025, which comes into effect on April 1, 2026), taxpayers must compute their total income without claiming a wide range of traditional exemptions and… Read More »
can we claim refund in updated return in Income Tax No, you cannot claim a refund or increase an existing refund amount by filing an updated return (Form ITR-U) under Section 139(8A) of the Income Tax Act. The primary purpose of an updated return is to allow taxpayers to voluntarily disclose additional income and pay… Read More »
IMPORTANT INCOME TAX CASE LAWS 27.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation Income Tax Act Sec 72 & 139 Technovaa Plastic Industries v. CBDT IBC Priority: Revenue must allow carry forward of losses and condone filing delays if a Resolution Plan approved by the NCLT explicitly provides for such tax… Read More »
Supreme Court Affirms Clean Slate Doctrine: Pre-Approval Tax Reopening Under Section 148 Barred by IBC. Core Facts of the Case The CIRP Context: The Corporate Debtor (assessee) was admitted into insolvency proceedings on 01.09.2020. A Resolution Plan submitted by Steel Wheels Ltd. was eventually approved by the NCLT on 12.10.2023. The Waiver Clause: The NCLT-approved… Read More »
A 15-month delay in recording a satisfaction note after the searched person’s assessment is completed is legally fatal. Facts The Search: A search was conducted on two individuals in February 2021. The Target: Material was seized that allegedly belonged to the “Other Person” (the Assessee company). The Timeline: The assessment for the “Searched Persons” was… Read More »
The Assessing Officer cannot arbitrarily switch the valuation method from DCF to NAV if the assessee has exercised a valid statutory option. Facts of the Case The Transaction: For AY 2015-16, the assessee (a microfinance company) issued rights shares at a premium to another NBFC. Valuation Method: The assessee chose the Discounted Cash Flow (DCF)… Read More »
Failure of a Resolution Professional (RP) to file returns constitutes “Genuine Hardship” for the new management. The Facts: During the Corporate Insolvency Resolution Process (CIRP), the erstwhile management was suspended, and the RP was in control. The RP failed to conduct statutory audits or file Income Tax Returns (ITR) for AY 2018-19 and 2019-20. Once… Read More »