Facility for Withdrawal from Rule 14A Feb 21st, 2026 GSTN has enabled a new online facility for eligible taxpayers to apply for withdrawal from the option availed under Rule 14A of the CGST Rules by filing Form GST REG-32 on the GST Portal. 1. Who can apply • Active Taxpayers who are registered under Rule… Read More »
MCA Notifies Companies Compliance Facilitation Scheme, 2026 (CCFS 2026) The Ministry of Corporate Affairs (MCA) has introduced the Companies Compliance Facilitation Scheme, 2026 (CCFS 2026), effective from February 15, 2026, to provide a one-time opportunity for defaulting companies to regularize their compliance. Key Highlights of the Scheme: Objective: To allow companies to file long-pending documents… Read More »
IMPORTANT INCOME TAX CASE LAWS 25.02.2026 Relevant Section Case Law Title Core Ruling & Strategic Summary Citation S. 148 / TOLA Vinodkumar R. Koringa v. ITO [Limitation Barrier] Fresh notice issued u/s 148 after the legally permitted time (post-TOLA extension) is invalid. AO cannot issue a fresh notice if the original limitation had already expired.… Read More »
Additional Evidence Regarding Commercial Use of Properties Must Be Verified to Determine Section 54F Eligibility Issue Whether an individual is disqualified from claiming Section 54F exemption if they own multiple properties, even if those properties are allegedly used for commercial purposes, and whether new evidence (tenant affidavits) can be admitted to prove such commercial use.… Read More »
A Reasonable Ad Hoc Disallowance of 20% Is Justified for Partly Unsubstantiated Construction and Travel Expenses Issue Whether the Assessing Officer (AO) was justified in disallowing the entire portion of unsubstantiated construction and travel expenses, or if a partial disallowance is more appropriate when some justification exists on both sides. Facts Expenses Claimed: The assessee… Read More »
Agricultural Land Revenue Records and Consistent Income Declaration Sufficiently Prove Eligibility for Section 54B Exemption Issue Whether the assessee was entitled to exemption under Section 54B of the Income-tax Act for the reinvestment of sale proceeds into new agricultural lands, specifically regarding the proof of “agricultural use” of the original land. Facts The Transaction: For… Read More »
In a Slump Sale, Depreciation Must Be Based on Valuation Reports Rather Than Arbitrary Assumptions by the Assessing Officer Issue Whether the Assessing Officer (AO) was justified in ignoring valuation reports to restrict depreciation to the predecessor’s Written Down Value (WDV) in a slump sale, and whether the surplus consideration over tangible assets should be… Read More »
Reassessment Notices Issued Beyond the ‘Surviving Time’ Calculated Under TOLA and Section 149 Are Barred by Limitation Issue Whether a reassessment notice under Section 148 for Assessment Year 2017-18 is legally valid if it was issued after the expiry of the “surviving limitation period” as calculated by reading the Income-tax Act, 1961, in conjunction with… Read More »
Individuals Facing Criminal Proceedings Can Renew Passports if the Trial Court Expressly Permits Such Issuance Issue Whether an individual accused of ITC fraud under Section 69 of the CGST Act can have their passport issued or renewed despite the restrictions in Section 6(2)(f) of the Passports Act, 1967, which normally bars applicants with pending criminal… Read More »
No Anti-Profiteering Liability Exists for Flats Booked Post-GST as Prices Already Account for Input Tax Credit Benefits Issue Whether a real estate developer is liable for “profiteering” under Section 171 of the CGST Act for not passing on Input Tax Credit (ITC) benefits to a homebuyer who booked a flat in the post-GST period, despite… Read More »