Monthly Archives: October 2026

Reassessment notice under Section 148 for alleged bogus insurance commissions requires factual examination by AO, not writ court.

By | October 7, 2026
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Reassessment notice under Section 148 for alleged bogus insurance commissions requires factual examination by AO, not writ court. Reassessment notice under Section 148 for alleged bogus insurance commissions requires factual examination by AO, not writ court. Issue Whether the High Court should interfere in a writ petition against an order under Section 148A(3) and a… Read More »

Compensation for land compulsorily acquired under RFCTLARR Act is exempt; interest on compensation remains taxable.

By | October 7, 2026
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Compensation for land compulsorily acquired under RFCTLARR Act is exempt; interest on compensation remains taxable. Issue Whether compensation received on compulsory acquisition of land for national highway widening is exempt from income tax under Section 96 of the RFCTLARR Act, 2013, read with CBDT Circular No. 36/2016. Whether interest received on delayed payment of enhanced… Read More »

Unrealized foreign exchange gain on reinstating ECBs for domestic capital assets is taxable under Section 43AA.

By | October 7, 2026
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Unrealized foreign exchange gain on reinstating ECBs for domestic capital assets is taxable under Section 43AA. Issue Whether unrealized foreign exchange gain arising on the year-end reinstatement of foreign-currency External Commercial Borrowings (ECBs) used to purchase capital assets in India falls under Section 43A or is taxable under Section 43AA. Facts ECB Utilization: The assessee-company… Read More »

Disallowance under Section 40(a)(ia) is unsustainable without proving single payouts exceeding threshold.

By | October 7, 2026
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Disallowance under Section 40(a)(ia) is unsustainable without proving single payouts exceeding threshold. Issue Whether Section 194B threshold applies per individual transaction or on aggregate wallet payouts, and whether promotional bonuses constitute “winnings” subject to Section 40(a)(ia) disallowance. Whether an estimated default under Section 194B can be computed using scaling metrics of prior years without identifying… Read More »

Section 263 revision is unsustainable when AO made enquiries and PCIT raised grounds beyond SCN.

By | October 7, 2026
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Section 263 revision is unsustainable when AO made enquiries and PCIT raised grounds beyond SCN. Issue Whether the PCIT can validly exercise revisionary powers under Section 263 to set aside an assessment where the AO had already conducted enquiries on unsecured loans, trade payables, and WIP, and where the final revision order proceeded on grounds… Read More »

Rejection of Form 10AB registration without examining submitted activity details is unsustainable; matter remanded for re-adjudication.

By | October 7, 2026
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Rejection of Form 10AB registration without examining submitted activity details is unsustainable; matter remanded for re-adjudication. Rejection of Form 10AB registration without examining submitted activity details is unsustainable; matter remanded for re-adjudication. Issue Whether CIT (Exemption) can reject an application for regular registration under Section 12AB on grounds of low spending and non-commencement of main… Read More »

Handing over possession of Rolls Royce car with original documents to broker constitutes a concluded sale on 29.09.2017.

By | October 7, 2026
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Handing over possession of Rolls Royce car with original documents to broker constitutes a concluded sale on 29.09.2017. Handing over possession of Rolls Royce car with original documents to broker constitutes a concluded sale on 29.09.2017. Issue Whether handing over the physical possession of a vehicle along with original documents (RC and insurance) and a… Read More »

Export Declaration Form (EDF) BY RBI from 1st oct 2026

By | October 7, 2026
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Effective 1 October 2026, the Reserve Bank of India (RBI) implemented a major change under the new Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The new regulations bring all service and software exporters under a mandatory Export Declaration Form (EDF) framework, vastly expanding compliance requirements that previously only applied to… Read More »

XGIMI Vibe One Projector HD 1080p

By | October 7, 2026
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XGIMI Vibe One 1080p Full HD Projector, Official Netflix & Google TV, Built-in Battery (1.2 Hrs Playtime), 250 ISO Lumens, 2×3W JBL Speakers, Auto Keystone & Auto Focus Buy online Click here XGIMI Vibe One Projector price The XGIMI Vibe One is currently priced at ₹24,999 on Amazon.in (50% off its list MRP of ₹49,999).… Read More »

DGAP Anti-Profiteering Computation Based on Purchase Value, Actual ITC, GST Addition, and Interest Upheld

By | October 6, 2026
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DGAP Anti-Profiteering Computation Based on Purchase Value, Actual ITC, GST Addition, and Interest Upheld Issue Whether the Director General of Anti-Profiteering (DGAP) complied with the project-level saving and per sq. ft. distribution methodology mandated in Reckitt Benckiser by utilizing purchase value instead of turnover. Whether an assessee can claim a notional adjustment for unavailed pre-GST… Read More »