Daily Archives: March 17, 2026

Unexplained Investments And The Sanctity Of Audited Books During Demonetization This ruling for AY 2017-18 provides a vital defense for businesses with cash-intensive operations, particularly concerning deposits made during the Demonetization period (November–December 2016). The Legal Issue Can the Assessing Officer (AO) treat cash deposits made during the demonetization period as “Unexplained Investment” under Section… Read More »

A Legal Analysis of Financial Corporation Deductions and CSR Expenditure Eligibility Under Income Tax Law I. Processing and Ancillary Fees as Part of Long-Term Finance Business The Legal Issue Do ancillary fees (processing, underwriting, lead financier, etc.) qualify as income from the “business of providing long-term finance” for the purpose of the 20% deduction under… Read More »

The Finality Of Charitable Status And Limits On Retrospective Registration Cancellation I. Power of Retrospective Cancellation The Legal Issue Does the Principal Commissioner (PCIT) have the statutory authority to cancel a trust’s registration retrospectively, potentially stripping away tax exemptions for years that have already passed? The Decision The ruling was in favour of the assessee:… Read More »

A Legal Analysis Of Reassessment Jurisdictions and Charitable Exemptions For Educational Trusts The Legal Issue Can the AO reopen an assessment after four years if the trust fully disclosed all facts during the original scrutiny? The Decision The ruling was in favour of the assessee: The 4-Year Bar: Under the first proviso to Section 147,… Read More »

IMPORTANT INCOME TAX CASE LAWS 16.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation Income Tax Act Sec 11 & 12A Cartrade Foundation v. CIT(E) Delay in regularizing provisional registration (Form 10AB) due to administrative oversight is condonable if reasonable cause is shown. Click Here Income Tax Act Sec 11 Rotary Club… Read More »