Daily Archives: July 6, 2026

TDS Exemption Notification Proposal for IFSC Ship Leasing Company Lease Rent Payments

By | July 6, 2026
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TDS Exemption Notification Proposal for IFSC Ship Leasing Company Lease Rent Payments Proposal for notification under section 400 of the Income tax Act 2025 providing for exemption from TDS in respect of payments of lease rents to units of ship leasing companies in IFSC The Gazette of India CG-DL-E-03072026-274062 EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED… Read More »

INCOME TAX Case Law 04.07.2026

By | July 6, 2026
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INCOME TAX Case Law 04.07.2026 Relevant Act Section / Authority Case Law / Notification Title Citation Brief Summary Income-tax Act, 1961 Section 10(46) Notification No. 73/2026 Click Here CBDT grants income tax exemption to Mussoorie Dehradun Development Authority (MDDA) on specified incomes (grants, leases, bank interest, etc.) retrospectively for AYs 2022-23 and 2023-24. Income-tax Act,… Read More »

Revisional order passed without granting requested personal hearing is legally unsustainable and must be remanded.

By | July 6, 2026
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Revisional order passed without granting requested personal hearing is legally unsustainable and must be remanded. Issue Whether the Principal Commissioner of Income Tax (PCIT) was legally justified in rejecting a revision application under Section 264 of the Income-tax Act, 1961, without granting the assessee a requested personal hearing and dealing with the contentions cursorily, despite… Read More »

Reassessment notice issued beyond three years is void if sanctioned by the incorrect tax authority.

By | July 6, 2026
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Reassessment notice issued beyond three years is void if sanctioned by the incorrect tax authority. Issue Whether a reassessment notice issued under Section 148 after the expiry of three years from the end of the relevant assessment year is legally valid when the mandatory administrative sanction under Section 151 was granted by the Principal Commissioner… Read More »

Failure to issue Section 143(2) notice and issuing demand with draft order invalidates reassessment.

By | July 6, 2026
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Failure to issue Section 143(2) notice and issuing demand with draft order invalidates reassessment. Issue Whether the failure to issue a mandatory notice under Section 143(2) during reassessment proceedings, and the simultaneous issuance of a demand notice and penalty initiation along with a draft assessment order under Section 144C, renders the entire assessment exercise void… Read More »

Total deductions under Heading C cannot exceed the eligible business profits after factoring Section 80-IA reliefs.

By | July 6, 2026
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Total deductions under Heading C cannot exceed the eligible business profits after factoring Section 80-IA reliefs. Issue Whether the restriction contained in Section 80-IA(9) requires the deduction allowed under Section 80-IA to be reduced directly from the Gross Total Income during computation, or if it merely caps the quantum of concurrent deductions claimed under Heading… Read More »