Retrospective Relief for Belated ITC: The Finance Act 2024 Shield This ruling for AY 2026 (delivered in early 2026) reflects one of the most significant legislative “corrections” in the history of GST. It provides a life jacket to thousands of taxpayers who were denied Input Tax Credit (ITC) simply because they filed their returns after… Read More »
IMPORTANT INCOME TAX CASE LAWS 17.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation Income Tax Act Sec 2(15) & 11 D.A.V. Educational Trust v. ITO Surplus from selling books/uniforms is incidental to educational objects. If applied to school infrastructure, the trust remains eligible for Section 11 exemption. Click Here Income Tax… Read More »
Transfer Pricing Adjustments and the Shield Against Penalty: A Legal Analysis This ruling for AY 2020-21 provides a critical safeguard for companies engaged in international transactions. It clarifies that a “difference of opinion” in valuation—specifically an upward adjustment to the Arm’s Length Price (ALP)—does not automatically qualify as “misreporting” or “concealment” of income. I. Transfer… Read More »
The Jurisdictional Validity Of Faceless Reassessment Prior To Statutory Notification (AY 2017-18) This ruling addresses a fundamental jurisdictional conflict that arose during the transition of the Indian Tax Department to a fully digital, faceless ecosystem. It clarifies when the National Faceless Assessment Centre (NFAC) officially gained the legal power to conduct reassessments under Section 147.… Read More »
A Legal Analysis of Procedural Lapses in Section 143(1) Adjustments for Patent Royalty Income This significant ruling for AY 2024-25 emphasizes that the Income Tax Department’s power to make “summary adjustments” is not absolute. Even when a statutory condition (like filing a form on time) is allegedly missed, the Department must follow a strict procedural… Read More »
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 GST CASE LAWS 16.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation CGST Act, 2017 Section 2 ACME Cleantech Solution v. UOI The Rajasthan High Court stayed SCNs during a writ pendency due to a prima facie question regarding the validity of delegated power used to issue summons. Click Here CGST… Read More »