Daily Archives: July 10, 2026

CIT(E) cannot reject trust registration renewal by re-agitating grounds already quashed by the Tribunal.

By | July 10, 2026
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CIT(E) cannot reject trust registration renewal by re-agitating grounds already quashed by the Tribunal. CIT(E) cannot reject trust registration renewal by re-agitating grounds already quashed by the Tribunal. Issue Whether the Commissioner of Income-tax (Exemptions) [CIT(E)] is legally justified in rejecting an assessee’s application for renewal of charitable registration under section 12A(1)(ac)(ii) by reviving the… Read More »

Manual filing of Form 10 does not justify reassessment if already examined during scrutiny.

By | July 10, 2026
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Manual filing of Form 10 does not justify reassessment if already examined during scrutiny. Issue Whether the Revenue department can validly initiate reassessment proceedings under Section 148 to disallow income accumulation solely because Form 10 was filed manually instead of electronically, in a case where the Assessing Officer had already thoroughly examined and accepted the… Read More »

Tax disputes decided in favor of the assessee-bank based on binding precedents and legal provisions.

By | July 10, 2026
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Tax disputes decided in favor of the assessee-bank based on binding precedents and legal provisions. Issue Whether the various additions and disallowances made by the Assessing Officer—concerning bad debt provisions under section 36(1)(viia), unrealized foreign exchange gains, Corporate Social Responsibility (CSR) expenditure, depreciation rates on ATMs (60%) and leased assets, section 14A disallowances, investment depreciation… Read More »

Capital gains are taxable on the execution date of the registered sale agreement for the absolute owner.

By | July 10, 2026
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Capital gains are taxable on the execution date of the registered sale agreement for the absolute owner. Issue Whether the long-term capital gains from the sale of an immovable property are taxable in the assessment year matching the execution date of a registered agreement to sell, or in the subsequent year when the full consideration… Read More »

Tax Exemption for Recognized Clearing Corporations Under Income-Tax Act

By | July 10, 2026
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Tax Exemption for Recognized Clearing Corporations Under Income-Tax Act Tax Exemption for Recognized Clearing Corporations Under Income-Tax Act SECTION 11, READ WITH SCHEDULE III OF THE INCOME-TAX ACT, 2025 – INCOMES NOT INCLUDED IN TOTAL INCOME – RECOGNISED CLEARING CORPORATION NOTIFICATION S.O. 3684(E) [NO. 79 /2026 / F.NO.197/39/2018-ITA-I], DATED 7-7-2026 In exercise of the powers conferred… Read More »