Daily Archives: August 4, 2026

CIT(E) Cannot Dilute Section 12AB Registration Order by Incorporating Caveats Based on Potential Future Supreme Court Challenges

By | August 4, 2026
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CIT(E) Cannot Dilute Section 12AB Registration Order by Incorporating Caveats Based on Potential Future Supreme Court Challenges CIT(E) Cannot Dilute Section 12AB Registration Order by Incorporating Caveats Based on Potential Future Supreme Court Challenges Issue Whether the Commissioner of Income-tax (Exemption) can validly attach caveats or conditional observations to a Section 12AB registration order based… Read More »

Reassessment Beyond Four Years Without New Material or Non-Disclosure Is Invalid Under Section 147

By | August 4, 2026
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Reassessment Beyond Four Years Without New Material or Non-Disclosure Is Invalid Under Section 147 Reassessment Beyond Four Years Without New Material or Non-Disclosure Is Invalid Under Section 147 Issue Whether the Assessing Officer can validly reopen an assessment under Section 147 of the Income-tax Act, 1961 beyond the four-year threshold without demonstrating new tangible material… Read More »

ITAT Rules in Favor of Public Sector Bank Across Key Corporate Tax and Accounting Disallowances

By | August 4, 2026
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ITAT Rules in Favor of Public Sector Bank Across Key Corporate Tax and Accounting Disallowances ITAT Rules in Favor of Public Sector Bank Across Key Corporate Tax and Accounting Disallowances Issue FCTR Balance & Sec 43AA: Whether the opening balance of Foreign Currency Translation Reserve (FCTR) accumulated from non-integral foreign operations in preceding years can… Read More »

Settlement Commission immunity applies only to Income Tax and does not bar PMLA proceedings.

By | August 4, 2026
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Settlement Commission immunity applies only to Income Tax and does not bar PMLA proceedings. Issue Immunity Scope: Whether immunity granted by the Settlement Commission under Section 245H of the Income-tax Act, 1961 extends to afford protection from proceedings under the Prevention of Money-laundering Act, 2002 (PMLA). Requirement of FIR: Whether an FIR or formal complaint… Read More »