Daily Archives: July 22, 2026

Section 14A Disallowance Applies Only to Yielding Investments, Non-Company CSR Allowed, Deficit Pension Contribution Fully Deductible, and Genuine Expenses Valid

By | July 22, 2026

Section 14A Disallowance Applies Only to Yielding Investments, Non-Company CSR Allowed, Deficit Pension Contribution Fully Deductible, and Genuine Expenses Valid Section 14A Disallowance Applies Only to Yielding Investments, Non-Company CSR Allowed, Deficit Pension Contribution Fully Deductible, and Genuine Expenses Valid Issue Section 14A Portfolio Scope: Whether Section 14A read with Rule 8D disallowance must be… Read More »

Section 80-IA Deduction Capped at Gross Total Income, PF Interest Allowable, and Section 14A Inapplicable Without Exempt Income

By | July 22, 2026

Section 80-IA Deduction Capped at Gross Total Income, PF Interest Allowable, and Section 14A Inapplicable Without Exempt Income Issue Section 80-IA Capping: Whether deduction under Section 80-IA can be set off against the Gross Total Income (including Capital Gains) up to the limit prescribed under Section 80A(2), or if it must be restricted solely to… Read More »

CIT(E) Cannot Invalidate Existing Section 12AB Registration Or Reject Renewal Without Granting Natural Justice

By | July 22, 2026

CIT(E) Cannot Invalidate Existing Section 12AB Registration Or Reject Renewal Without Granting Natural Justice Issue Whether the Commissioner of Income Tax (Exemption) [CIT(E)], while processing a renewal application in Form No. 10AB, has the jurisdiction to declare an existing Section 12AB registration invalid and reject the renewal without issuing a specific deficiency notice to the… Read More »

Rejection of Section 12AB Renewal Solely Due to FCRA Non-Renewal Without Independent Satisfaction Warrants Remand

By | July 22, 2026

Rejection of Section 12AB Renewal Solely Due to FCRA Non-Renewal Without Independent Satisfaction Warrants Remand Issue Whether the Commissioner of Income Tax (Exemption) [CIT(E)] can reject a charitable trust’s application for renewal of registration under Section 12AB solely on the ground that its Foreign Contribution (Regulation) Act (FCRA) registration renewal was rejected, without recording independent… Read More »

Delay in Filing Form 10B During COVID-19 Must Be Condoned to Grant Section 12A Exemption

By | July 22, 2026

Delay in Filing Form 10B During COVID-19 Must Be Condoned to Grant Section 12A Exemption Issue Whether the Commissioner of Income Tax (Exemption) was justified in rejecting the assessee’s application under Section 119(2)(b) for condonation of delay in filing Form 10B (audit report) for AYs 2020-21 and 2021-22, thereby denying exemption under Section 12A. Facts… Read More »

Registered Venture Capital Funds Can Claim Sections 10(34) and 10(35) Exemptions Simultaneously With 10(23FB)

By | July 22, 2026

Registered Venture Capital Funds Can Claim Sections 10(34) and 10(35) Exemptions Simultaneously With 10(23FB) Issue Whether a SEBI-registered Venture Capital Fund (VCF) claiming exemption under Section 10(23FB) is barred from simultaneously claiming exemptions under Sections 10(34) (dividend income) and 10(35) (income from mutual fund units) of the Income-tax Act, 1961, for Assessment Year 2016-17. Facts… Read More »

Notification No. 91/2026

By | July 22, 2026

Notification No. 91/2026 Notification No. 91/2026 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi 17thJuly, 2026 S.O. 3935(E).—In exercise of the powers conferred by clause (viiaf)to section 47 of the Income-tax Act, 1961 read with section 536(2) of the Income-tax Act, 2025, the Central Government hereby notifies the transfer… Read More »

Notification No. 89/2026

By | July 22, 2026

Notification No. 89/2026 Notification No. 89/2026 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi 17thJuly, 2026 (INCOME TAX) No. 89 of 2026-CBDT S.O. 3936(E).—In exercise of the powers conferred by section 2(112)of the Income-tax Act, 2025(30of 2025) read with rules7(5)(b),(c) and7(8)of the Income-tax Rules, 2026, the Central Government hereby… Read More »