Category Archives: Income Tax

Assessment Under Section 153C Requires Incriminating Material; Single Agricultural Land Sale Is Exempt Capital Asset.

By | July 17, 2026
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Assessment Under Section 153C Requires Incriminating Material; Single Agricultural Land Sale Is Exempt Capital Asset. Issue Whether the Revenue can validly initiate proceedings and complete an assessment under Section 153C read with Section 153A without satisfying that the seized documents are of an “incriminating” nature and legally linkable to the relevant Assessment Year. Whether a… Read More »

INCOME TAX CASE LAWS 14.07.2026

By | July 16, 2026
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INCOME TAX CASE LAWS 14.07.2026 Relevant Act Section / Authority Case Law Title / Notification No. Citation Brief Summary Income-tax Act, 2025 Sec. 147 Notification No. 80/2026, Dated 10-07-2026 Click Here CBDT exempts specified payments (interest, dividends, professional fees, commission, etc.) to 14 categories of eligible IFSC units from TDS. Relief applies for 20 consecutive… Read More »

Deletion of penalty by the Tribunal warrants quashing of criminal prosecution for tax evasion.

By | July 16, 2026
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Deletion of penalty by the Tribunal warrants quashing of criminal prosecution for tax evasion. Issue Whether a criminal prosecution for a willful attempt to evade tax under Section 276C(1) can be sustained or must be quashed if the Income Tax Appellate Tribunal has already deleted the penalty levied for concealment of income on the exact… Read More »

Reassessment under Section 150(1) is invalid without specific Tribunal directions and if independently time-barred.

By | July 16, 2026
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Reassessment under Section 150(1) is invalid without specific Tribunal directions and if independently time-barred. Issue Whether the Assessing Officer can validly invoke Section 150(1) to reopen a time-barred assessment for AY 2008-09 based on a Tribunal order from a preceding year that merely quashed a reassessment without giving explicit findings or directions, and whether such… Read More »

A reassessment order passed in the name of a struck-off, non-existent entity is illegal and void.

By | July 16, 2026
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A reassessment order passed in the name of a struck-off, non-existent entity is illegal and void. A reassessment order passed in the name of a struck-off, non-existent entity is illegal and void. Issue Whether a reassessment notice issued under section 148 and a subsequent assessment order passed under section 147 read with section 144 are… Read More »

Procedural technicalities cannot override the determination of correct taxable income when a return contains genuine, inadvertent errors.

By | July 16, 2026
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Procedural technicalities cannot override the determination of correct taxable income when a return contains genuine, inadvertent errors. Procedural technicalities cannot override the determination of correct taxable income when a return contains genuine, inadvertent errors. Issue Whether the delay in filing an appeal should be condoned and the matter remanded to the Assessing Officer for a… Read More »

Section 87A rebate is available against tax on short-term capital gains under section 111A.

By | July 16, 2026
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Section 87A rebate is available against tax on short-term capital gains under section 111A. Issue Whether a resident individual governed by the default tax regime under section 115BAC(1A) is entitled to a tax rebate under section 87A against the tax payable on short-term capital gains chargeable under section 111A, provided their total income does not… Read More »

Timely filing crystallizes the right to carry forward losses, which subsequent reporting omissions cannot extinguish.

By | July 16, 2026
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Timely filing crystallizes the right to carry forward losses, which subsequent reporting omissions cannot extinguish. Issue Whether an assessee can be denied the benefit of carrying forward and setting off losses validly determined in a timely filed return under section 139(1) for a particular assessment year, merely due to an inadvertent omission or technical error… Read More »

Cash deposits previously taxed or covered by amnesty schemes cannot be subjected to double taxation.

By | July 16, 2026
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Cash deposits previously taxed or covered by amnesty schemes cannot be subjected to double taxation. Issue Whether cash deposits can be taxed as unexplained money under Section 69A in a subsequent year if a portion of the amount has already been taxed in a preceding assessment year or declared under an amnesty scheme. Whether the… Read More »

Surrendering tenancy rights for a larger redeveloped flat constitutes capital gains qualifying for Section 54F exemption.

By | July 16, 2026
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Surrendering tenancy rights for a larger redeveloped flat constitutes capital gains qualifying for Section 54F exemption. Issue Whether the receipt of a larger flat as permanent alternate accommodation under a redevelopment arrangement in lieu of surrendering tenancy rights constitutes property received for inadequate consideration taxable under section 56(2)(x), or a transfer of a capital asset… Read More »