INCOME TAX DAILY DIGEST 15.05.2026 Relevant Act Section(s) Case Law Title Brief Summary Citation Income Tax Act Sec. 194LA / 393 Executive Engineer vs. State Compensation awarded for the compulsory acquisition of land, including payments made under a Mediation Agreement (whether to joint or individual accounts), is not liable for TDS. Click Here Income Tax… Read More »
Supreme Court Dismisses Revenue’s SLP as Reassessment on Deactivated Predecessor PAN Is Void Issue Whether the revenue authority can validly initiate reassessment proceedings under Section 148A/148 against a successor company by targeting a predecessor entity’s PAN that was deactivated in 2009 pursuant to a court-approved amalgamation, despite the successor company repeatedly proving that all transactions… Read More »
Intra-Group Transfer of Shares to Wholly Owned Subsidiary Exempt From Capital Gains Under Section 47(iv) Issue Whether a French-based parent company’s transfer of 100% shares of an Indian subsidiary to another wholly owned Indian subsidiary constitutes a valid, tax-exempt capital asset reorganization under Section 47(iv) of the Income-tax Act, 1961, or whether it can be… Read More »
Anand Marriage Act 1909 in Sikkim w.e.f 1st day of June 2026 Notification MINISTRY OF LAW AND JUSTICE (Legislative Department) NOTIFICATION New Delhi, the 14th May, 2026 S.O. 2493(E).— In pursuance of paragraph (2) of the notification of the Government of India in the Ministry of Home Affairs number S.O.516 (E), dated the 4th February,… Read More »
Depreciation Claimed On Goodwill Arising From Amalgamation Is Allowable Prior To Assessment Year 2021-22 Issue Whether the Assessing Officer was legally justified in disallowing the assessee’s claim for depreciation on goodwill under Section 32 of the Income-tax Act, 1961 for Assessment Years 2017-18 and 2018-19, when the statutory amendments excluding goodwill from depreciable assets apply… Read More »
Assessment Orders Quashed as Verification Remands and Conclusive Directions Both Missed Respective Limitation Periods Issue Whether the final assessment orders passed by the Assessing Officer to give effect to an ITAT remand order were barred by limitation, based on whether the specific directions required fresh verification of records under Section 153(3) or simple modification under… Read More »
Reassessment Proceedings Are Void Ab Initio As Notice Barred By Limitation Without Valid Tribunal Directions Issue Whether the Commissioner (Appeals) was legally justified in quashing reassessment proceedings and declaring the consequential assessment orders as void ab initio, on the grounds that the underlying directions under Section 150(2) had been expunged by the Tribunal, thereby rendering… Read More »
The Multi-Agent Systems (MAS) Shift: Managing Your Digital Workforce We are witnessing a “Kubernetes moment” for business operations and software development. The era of prompting a single chatbot to write an email or generate a code snippet is giving way to Multi-Agent Systems (MAS). Instead of you acting as the project manager passing tasks back… Read More »
Reopening Assessment Based On Existing Records Constitutes Invalid Reason To Suspect Rather Than Reason To Believe Issue Whether the Revenue Department can validly reopen an assessment under Section 147 based on share-trading information that was already part of the official record during the original assessment proceedings, and whether a Special Leave Petition (SLP) challenging this… Read More »
Reassessment Order And Penalty Notice Quashed As Identical Reopening In Co-Owner’s Case Was Already Set Aside Issue Whether a jurisdictional notice under Section 148, a subsequent reassessment order under Section 147, and a penalty notice under Section 271DA issued to an individual co-owner can be sustained when the reopening of assessment on identical facts in… Read More »