Reassessment Notice Premised On Factually Incorrect Scrip Name Is Invalid And Liable To Be Quashed Reassessment Notice Premised On Factually Incorrect Scrip Name Is Invalid And Liable To Be Quashed Issue Validity of Reassessment Premised on Factually Incorrect Information: Whether a reopening notice issued under Section 148 read with Section 147 is legally sustainable when… Read More »
Cancellation of Section 12AA Registration Unsustainable When Plot Sales Retain Charitable Public Utility Character Cancellation of Section 12AA Registration Unsustainable When Plot Sales Retain Charitable Public Utility Character Issue Validity of Registration Cancellation under Section 12AA: Whether the DIT(E) was justified in cancelling the assessee’s registration under Section 12AA on the ground that it was… Read More »
Registration under Section 12AB cannot be cancelled retroactively, for procedural lapses, or Section 13 violations. Issue Jurisdiction under Section 12AA Post-April 1, 2021: Whether the Pr.CIT(C) had the legal power to cancel registration under Sections 12AA(3) and 12AA(4) after Section 12AA(5) rendered the section inapplicable on or after April 1, 2021. Retrospective Application of Specified… Read More »
Agricultural Land Within Statutory Distance of Tambaram Municipality Constitutes Capital Asset, On-Money Restricted to Admitted Cash, and 70% Indexed Cost Allowed Issue Capital Asset Determination: Whether land located within 4.45 km of Tambaram Municipality (population exceeding 1.65 lakh) qualifies as a capital asset under Section 2(14)(iii)(b), making the gains arising from its sale taxable under… Read More »
INCOME-TAX (SECOND AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 157 INCOME-TAX (SECOND AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 157 NOTIFICATION G.S.R. 646(E) [NO. 94/2026/F. NO. 370142/24/2026-TPL], DATED 21-7-2026 In exercise of the powers conferred by section 533 read with section 262 of the Income-tax Act, 2025 (30 of 2025), the Central Board of Direct Taxes hereby makes the following rules further… Read More »
INCOME TAX CASE LAWS 22.07.2026 Section Case Law Title Brief Summary Citation Relevant Act Section 2(14) Sonu Grover v. Income-tax Officer Verification of actual distance from municipal limits using Tehsildar’s certificate and Google Maps was required to determine whether land sold was a rural agricultural land exempt from capital gains; matter remanded for fresh adjudication.… Read More »
Tribunal cannot rely on subsequent assessment order passed under Section 263 to justify PCIT’s revisionary jurisdiction. Issue Whether the Tribunal, while deciding a challenge to the PCIT’s invocation of revisionary jurisdiction under Section 263, erred in relying upon a subsequent assessment order passed pursuant to that very Section 263 direction. Facts Section 263 Revision: For… Read More »
Reopening under Section 148 is valid if initial information indicates income escaping tax exceeds 50 lakh rupees. Reopening under Section 148 is valid if initial information indicates income escaping tax exceeds 50 lakh rupees. Issue Whether a notice issued under Section 148 after 3 years but within 5 years is valid based on initial information… Read More »
In the interest of justice, foreign bank unexplained cash credit addition is remanded for fresh consideration. In the interest of justice, foreign bank unexplained cash credit addition is remanded for fresh consideration. Issue Whether the addition made under Section 68 of the Income-tax Act, 1961 towards unexplained credits in a foreign bank account should be… Read More »
Section 54F Exemption Is Allowable For All 50 Flats Received Under Pre-2015 JDA Capital Gains Assessment Issue Whether an assessee who entered into a Joint Development Agreement (JDA) prior to April 1, 2015, is eligible for Section 54F deduction across all 50 residential flats received as consideration against long-term capital gains computed on the execution… Read More »