Section 54F: Advance Payments and the “Construction” vs. “Purchase” Distinction This ruling for AY 2015-16 provides a critical interpretation of the timelines and nature of investments required to claim exemption under Section 54F. The court clarified that booking an under-construction villa is treated as “construction,” which offers a more flexible three-year window compared to the… Read More »
Promoter Share Sales: Deductibility of IPO and PMS Expenses under Section 48 In this ruling for AY 2022-23, the Tribunal addressed two critical types of costs incurred by shareholders during the sale of securities: proportionate IPO/OFS expenses and Portfolio Management Service (PMS) charges. The decision reinforces the “Net Realization” principle for computing Capital Gains. I.… Read More »
Stamp Duty Value vs. Presumptive Income: Avoiding the Double-Taxation Trap In this significant ruling for AY 2014-15, the tribunal addressed a common conflict between two “deeming” provisions of the Income-tax Act: Section 43CA (Stamp Duty Value as sale consideration) and Section 44AD (Presumptive Business Income). The court ruled in favour of the assessee, ensuring that… Read More »
Public Charitable Trusts: Irrevocability Clauses and Section 12AB Registration In this landmark ruling (March 2026), the High Court quashed orders passed by the Commissioner (Exemptions) that had rejected the registration renewals of several public charitable trusts. The court clarified that the absence of a specific “irrevocability clause” in a trust deed is not a valid… Read More »
Carry Forward of Additional Depreciation: The “50-50” Rule for New Machinery In this significant ruling (AY 2007-08), the court settled a long-standing dispute regarding Additional Depreciation under Section 32(1)(iia). The decision ensures that taxpayers do not lose out on tax incentives simply because their new machinery was installed late in the financial year. The Legal… Read More »
Corporate Tax Deductions: Bad Debts, Prepaid Expenses, and TDS Compliance This ruling for AY 2011-12 addresses three common friction points in corporate tax assessments: the write-off of bad debts, the treatment of provisions, and the applicability of TDS on hotel and petty bills. I. Bad Debts: The “Post-1989” Write-Off Rule The Legal Dispute The Assessing… Read More »
ITAT Quashes Capital Gains on JDAs, Search-Based Disclosures, and Rejections of Agricultural Income I. Capital Gains on JDAs: The “Finality of Transfer” Test The Legal Dispute Does executing a Joint Development Agreement (JDA) and a General Power of Attorney (GPA) automatically trigger Long-Term Capital Gains (LTCG) tax under Section 2(47)(v)? The Ruling The Tribunal held… Read More »
FAQs and Guidance Notes on Forms as per Income-tax Rules, 2026 FAQs and Guidance Notes on Forms as per Income-tax Rules 2026 .The Guidance Notes and FAQs provided on this website are intended solely as educational resources to help taxpayers navigate the new forms. They do not constitute legal advice. For any legal interpretation, please… Read More »
New Income Tax Rules 2026 for salaried employees New Income Tax Rules 2026 for salaried employees Under the new Income-tax Act, 2025 (effective from April 1, 2026), several significant changes have been introduced for salaried employees, ranging from revised tax slabs to new compliance forms. Here are the key rules and updates for salaried employees… Read More »
Income Tax Rules 2026 PDF DOWNLOAD Notification ENGLISH AND HINDI Income Tax Rules 2026 PDF DOWNLOAD as per govt notification MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th March, 2026 G.S.R. 198(E).—In exercise of powers conferred by section 533 of the Income-tax Act, 2025 (30 of… Read More »