Expenditure Incurred for Trust Out of Its Collected Funds Cannot Be Added as Unexplained Investment Under Section 69 Expenditure Incurred for Trust Out of Its Collected Funds Cannot Be Added as Unexplained Investment Under Section 69 Issue Whether Tally entries recording student fee collections handled and spent by trustees on behalf of a trust can… Read More »
Addition Made Solely on Survey Statement Without Corroborative Material Under Section 68 Is Unsustainable Issue Whether an addition made under Section 68 of the Income-tax Act, 1961 solely on the basis of a statement recorded during a survey under Section 133A, without any independent corroborative evidence, is legally sustainable. Facts Business & Survey: The assessee-company,… Read More »
Unexplained Additions Under Section 68 Are Unsustainable When Assessee Discharges Initial Burden of Proof Through Cogent Evidence Unexplained Additions Under Section 68 Are Unsustainable When Assessee Discharges Initial Burden of Proof Through Cogent Evidence Issue Whether the additions made under Section 68 of the Income-tax Act, 1961 were legally sustainable when the assessee furnished documentary… Read More »
Section 50C Cannot Be Invoked for Tenancy Agreements Without Proof of Ownership Transfer Issue Whether the deeming provisions of Section 50C of the Income-tax Act, 1961 can be invoked to substitute stamp duty value as full value of consideration in the case of a registered tenancy agreement, without establishing an actual transfer of ownership rights… Read More »
Distress Auction Sale of Mortgaged Property for Dues Triggers Capital Gains Tax on Owner Issue Whether capital gains tax liability under Section 45 of the Income-tax Act, 1961 arises on the owner when an equitably mortgaged immovable property is sold by a bank through a distress auction to recover third-party loan dues, even if the… Read More »
Taxability of Written-Back Provisions Depends on Prior Deductions while Refunds Granted Must Be First Adjusted Against Interest Issue Whether written-back employee benefit provisions are taxable under Section 41(1) if they were not allowed as deductions in earlier assessment years. Whether interest under Section 234D on excess refund requires recomputation following modifications to the assessment by… Read More »
Higher Secondary School Lacking Section 12A Registration Cannot Claim Municipal Property Tax Exemption Issue Whether a higher secondary school can claim exemption from municipal property tax under Section 136 of the Chhattisgarh Municipal Corporation Act, 1961, by relying on a Section 12A registration certificate belonging to a separate legal entity or institution. Facts Property Tax… Read More »
Deferred Share Transfer Valuation Without Financial Capacity Constitutes Benami Transaction Subject to Provisional Attachment Issue Whether a share transfer executed on deferred consideration terms where the transferee lacks financial capacity, possesses no independent business, and holds shares under the seller’s lien constitutes a benami transaction under Section 2(9)(A) read with Section 24 of the Prohibition… Read More »
THE TRIBUNALS REFORMS BILL, 2026 As introduced in Lok Sabha Bill No. 153 of 2026 THE TRIBUNALS REFORMS BILL, 2026 A BILL to improve the efficiency, ensure independence, transparency, and uniformity in the qualifications, appointment, terms and conditions of service of Chairpersons and Members of various Tribunals, the administration and functioning of the Tribunals, to… Read More »
INCOME TAX CASE LAWS 11.08.2026 Section Case Law Title Citation Relevant Act Brief Summary Section 2(47) Smt. Mrunalini Kalagara v. Income-tax officer Click Here Income-tax Act, 1961 Transfer of immovable property via a registered sale deed constitutes a “transfer” attracting capital gains under Section 45, even if coercion or non-receipt of consideration is claimed. Matter… Read More »