Conversion of Share Warrants into Equity Shares Held Not to Constitute a Taxable Transfer 1. The Core Dispute: Conversion vs. Sale The assessee held share warrants and eventually converted them into equity shares by paying the remaining balance of the exercise price. The Assessing Officer (AO) viewed this event as a taxable “transfer” of rights.… Read More »
Invalidation of Reassessment Where Transfer of Land Was Completed via Development Agreement in a Prior Year 1. The Core Dispute: 2000 (Agreement) vs. 2008 (Sale Deed) The Assessing Officer (AO) reopened the assessment for AY 2009-10 after finding a registered sale deed dated April 2008. The AO argued that the “transfer” of land took place… Read More »
Relief from Penalties Under Section 270A Due to Legal Precedents and Calculation Errors 1. Penalty Protection: Bona Fide Reliance on Legal Precedent Title: [Protection from Penalty Under Section 270A(6) When Deduction is Based on Then-Binding High Court Precedents] The Issue: An assessee claimed a deduction based on a High Court decision that was valid at… Read More »
Publication of appointment of Nodal Officer in respect of section 14A 3 of Integrated Goods and Service Tax Act 2017 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 17th February, 2026 S.O. 858(E).— In pursuance of clause (b) of sub-section (3) of section 79 of the Information Technology Act, 2000 (21 of 2000)… Read More »
Grievance Redressal Mechanism Launched for Filing Appeals before GST Appellate Tribunal (GSTAT) The Office of the Commissioner of GST and Central Excise (Appeals–I), Chennai, has issued Public Notice No. 02/2025-26 (dated February 06, 2026) to address technical and procedural hurdles taxpayers face while filing appeals before the newly operational GST Appellate Tribunal. 1. Context… Read More »
IMPORTANT INCOME TAX CASE LAWS 17.02.2026 Section Case Law Title Core Ruling / Summary Citation Section 11 ACIT v. Anandilal & Ganesh Podar Society [Applied Income] Provisions for gratuity and leave encashment on an actuarial basis constitute the “application of income” u/s 11, even without immediate cash outflow. Click Here Section 54F Mahesh Shrivastava v.… Read More »
Quashing of Reassessment Due to Incompetent Sanctioning Authority 1. The Core Dispute: Old Regime Approval in a New Regime Era The primary issue revolved around the validity of a notice issued under Section 148 after the total overhaul of the reassessment regime by the Finance Act, 2021. The Assessing Officer (AO) initiated reassessment for AY… Read More »
Limitation of Section 50C Deeming Fiction to Capital Gains Computation and Protection of Section 54F Exemption 1. Scope of Section 50C: Finality of Reference Values The assessee sold land for ₹1.30 crores, but the Sub-Registrar valued it at ₹5.75 crores. After a legal battle involving the Collector of Stamps and the Board of Revenue, the… Read More »
Quashing of Criminal Proceedings and Arrest Warrants Following Acceptance of Compounding Fees for TDS Defaults 1. The Core Dispute: Revival of Criminal Trial After Compounding The department launched a prosecution against the assessee-company and its directors for failing to deposit Tax Deducted at Source (TDS) under Section 276B. After a stay from the High Court,… Read More »
Classification of Jewellery Savings Scheme Benefits as Sales Incentives and Not Taxable Interest 1. The Dispute: Are Monthly Savings “Deposits” or “Advances”? The assessee, a franchise agent of a prominent jewellery company, operated a Golden Harvest Scheme (GHS). The Mechanism: Customers deposited 11 monthly installments. Upon completion, at the time of purchasing jewellery, the company… Read More »