IMPORTANT INCOME TAX CASE LAWS 24.03.2026

Relevant Act	Section	Case Law Title / Authority	Brief Summary	Citation
Income Tax Act	Sec 11 & 154	Tehmina K. Katrak Trust v. ITO	Exemption under Section 11 accepted in a 143(1) intimation cannot be withdrawn via Section 154 (rectification) as it amounts to an impermissible review of a conscious decision.	Click Here
Income Tax Act	Sec 45	PCIT v. Russel Credit Ltd.	Surplus from the sale of unlisted preference shares held for 6 years is LTCG, not Business Income. Investment intent was proven by board resolutions and cost valuation.	Click Here
Income Tax Act	Sec 56	ACIT v. PNC Rajasthan Highways	Notional interest recognized in books due to IND-AS (service concession receivables) is not taxable until actual accrual per the concession agreement.	Click Here
Income Tax Act	Sec 68 & 147	Magestic Premises (P.) Ltd. v. ACIT	Reopening a case to re-examine cash deposits that were already scrutinized in the original assessment is a “change of opinion” and is legally unsustainable.	Click Here
Income Tax Act	Sec 89(1)	Abdus Sukur Ahmed v. ITO	Denial of salary relief under Section 89(1) solely for failing to file Form 10E on time is a technicality. The AO must allow the claim if the entitlement exists.	Click Here
Income Tax Act	Sec 115BAA	Getinge Medical India (P.) Ltd. v. DCIT	Belated filing of Form 10-IC for concessional tax is a procedural lapse. If the option was exercised in the ITR, the benefit cannot be denied.	Click Here
Income Tax Act	Sec 132B	Shardadevi S. Jhunjhunwala v. ITO	Revenue cannot retain seized jewellery for 9 years if they failed to pass a fresh assessment order within the limitation period (Sec 153).	Click Here
Income Tax Act	Sec 143	JSW Steel Coated Products v. NFAC	Assessment and penalty orders issued in the name of a transferor company post-amalgamation (after the AO was informed) are void and without jurisdiction.	Click Here

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