I. Section 14A: Disallowance Restricted to Income-Yielding Investments Issue: Whether investments that do not yield exempt income should be considered for disallowance under Section 14A read with Rule 8D. Key Takeaways: Restrictive Application: The Tribunal held that disallowance under Rule 8D must be restricted only to those investments which actually yielded exempt income during the… Read More »
Rejection of Charitable Registration for Medical Society Funded by Pharma Companies 1. Issue The primary legal question was whether a medical society primarily funded by pharmaceutical companies for organizing high-end conferences and seminars for doctors qualifies as a “charitable institution” under Section 2(15), and thereby eligible for registration under Section 12A. 2. Facts The assessee-society… Read More »
Rights in an Allotted Property Classified as a Capital Asset 1. The Core Dispute: Relinquishment of Rights vs. Income from Other Sources The assessee booked a residential unit with a developer in 2010 and received an allotment letter. In 2021, she transferred her “rights” in this unit to a third party via a registered agreement… Read More »
Bias and Violation of Natural Justice in ITAT Member Selection 1. Issue The primary legal question was whether the inclusion of a member in the Search-cum-Selection Committee (SCSC), who had previously faced contempt proceedings initiated by the candidate, vitiated the selection process due to a “reasonable apprehension of bias” and violation of the principles of… Read More »
BIG CHANGE ! NEW INCOME TAX RULES 2026 FOR TAX ON CAR ALLOWANCE TO EMPLOYEES ! DRAFT
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