Jewellery Worth Over ₹90 Lakh Seized by Income Tax Department Vanishes from Bank Locker; High Court Orders Taxpayer to Be Compensated Issue: Whether the Income Tax Department is liable to compensate a taxpayer for the loss of gold and jewelry worth over ₹90 lakh that was seized during a search operation and subsequently vanished or… Read More »
FinMin Seeks Industry Suggestions on Tax Changes Expected in FY27 Budget Issue: The Ministry of Finance (FinMin) has commenced the preparatory process for drafting the Union Budget for the Financial Year (FY) 2026-27 and has formally invited suggestions and proposals from industry associations and trade bodies regarding anticipated changes to the nation’s direct and indirect… Read More »
Global Uncertainties Present Downside Risks to Growth Outlook; GST Rate Cut Reforms to Mitigate Impact, Says Finance Ministry Issue: To summarize the Finance Ministry’s official assessment of the current economic environment, acknowledging the persistent threats from global uncertainties while highlighting how the recent Goods and Services Tax (GST) rate rationalization acts as a deliberate policy… Read More »
GST Reset Likely to Boost Demand Outlook: Finance Ministry Report Issue: To summarize the findings of a Finance Ministry report assessing the impact of the Goods and Services Tax (GST) rate rationalization (GST 2.0) on the domestic economy and providing an outlook on future consumer demand. Facts: The GST 2.0 reforms involved simplifying tax slabs… Read More »
Tax Audit Due Date Extended to November 10, 2025, and Due Date of ITR Extended to December 10, 2025 Issue: To provide relief to assessees and tax professionals from compliance burdens, the Central Board of Direct Taxes (CBDT) extended the statutory deadlines for filing both the Tax Audit Report (TAR) and the corresponding Income Tax… Read More »
IMPORTANT INCOME TAX CASE LAWS 28.10.25 Section Case Law Title Brief Summary Citation Relevant Act Section 9 of the Income-tax Act, 1961 Huawei International Pte. Ltd. v. ACIT, International Taxation Where a Singapore-based ICT company sold telecom equipment and software offshore to Indian customers without a Permanent Establishment (PE) in India, the reopening of assessment… Read More »
Penalty for Misreporting Deleted as Leave Encashment Claim Was Bona Fide. Issue Can a penalty for “misreporting of income” under Section 270A(9) be levied on a taxpayer for claiming an exemption in excess of the then-existing statutory limit, if the claim was made in good faith, based on a plausible interpretation of law, and was… Read More »
Existing 12AA Registration is a Valid Basis for Granting 80G Approval. Issue Can the Commissioner of Income Tax (Exemptions) deny an application for approval under Section 80G by questioning the charitable nature of an institution (e.g., for generating a surplus from student fees), when the same institution already holds a valid and subsisting registration as… Read More »
Clerical Error in 80G Form Cannot Deny Trust’s Entitlement to Full Registration. Issue Can a charitable trust, which is already registered and eligible for a full five-year approval under Section 80G(5), be granted a shorter, provisional registration simply because it inadvertently filed its application under the wrong clause of the said section? Facts The assessee,… Read More »
Denial of Requested Video Conference Hearing Vitiates Assessment Order. Issue Is an assessment order legally sustainable if the Assessing Officer passes it without granting a personal hearing through video conferencing, despite a specific written request for the same by the assessee? Facts The assessee-company’s income tax return for the Assessment Year 2022-23 was selected for… Read More »