Important Income Tax Case Laws 15.04.2026
| Relevant Act | Section / Authority | Case Law Title | Citation | Brief Summary |
| Income-tax Act, 1961 | Sec 2(24) / 56 | Shashi Vasant Shastri v. ACIT | Click Here | Advance for Property: Unforfeited advance received under an unregistered agreement cannot be taxed as income without evidence of crystallization or forfeiture. |
| Income-tax Act, 1961 | Sec 4 | Vardhman Textiles Ltd. v. CIT | Click Here | Capital Subsidy: Sales tax exemptions linked to capital investment under State Industrial Policy are capital receipts and not taxable as revenue. |
| Income-tax Act, 1961 | Sec 9 / 194D | PCIT v. Cholamandalam MS General Insurance | Click Here | International Payments: No TDS required on survey fees or reinsurance premiums paid to non-residents for services rendered outside India. |
| Income-tax Act, 1961 | Sec 12AB | Social Educational and Welfare Assoc. v. CIT | Click Here | Trust Registration: Rejection based on technical deficiencies or incidental religious objects is unsustainable if basic evidence of charitable intent is provided. |
| Income-tax Act, 1961 | Sec 14A | PCIT v. Cholamandalam MS General Insurance | Click Here | Insurance Exemption: Sec 14A disallowance does not apply to insurance businesses governed by specific computation rules in the First Schedule. |
| Income-tax Act, 1961 | Sec 32 | PCIT v. Cholamandalam MS General Insurance | Click Here | Depreciation: Higher depreciation rate of 60% is confirmed for Uninterrupted Power Supply (UPS) units. |
| Income-tax Act, 1961 | Sec 36(1)(iii) | ACIT v. Reliance Coal Resources (P.) Ltd. | Click Here | Commercial Expediency: Interest on funds borrowed from a parent and lent to a subsidiary is deductible, especially when forex gains are offered to tax. |
| Income-tax Act, 1961 | Sec 56(2)(x) | Anand Radhesham v. Assessing Officer | Click Here | Stamp Duty Date: The date of the allotment letter (fixing consideration) should be used for valuation u/s 56, not the date of subsequent registration. |
| Income-tax Act, 1961 | Sec 68 | Bathina Srilakshmi v. ITO | Click Here | Unexplained Cash: Negative cash balance and alleged “grandmother’s gifts” were rejected for lack of evidence regarding the source and creditworthiness of the donor. |
| Income-tax Act, 1961 | Sec 149 | Jasbir Singh Oberoi v. Union of India | Click Here | Limitation: Reassessment proceedings are invalid if the notice u/s 148 is issued after the specific 30-day window following the expiry of the general limitation period. |
For More :- Read Important Income Tax Case Laws 24.04.2026