IMPORTANT INCOME TAX CASE LAWS 18.03.2026

Relevant Act	Section	Case Law Title / Authority	Brief Summary	Citation
Income Tax Act	Sec 4	G.H. Reddy & Associates v. ITO	Funds deposited in a bank account per a High Court interim order during an arbitral dispute are not taxable until the right to receive crystallizes upon final resolution.	Click Here
Income Tax Act	Sec 12AB	Sir CV Raman Educational Trust v. CIT(E)	Rejection of registration for non-commencement of activities is unjustified if the trust demonstrates its intended objects are charitable and it faced practical constraints.	Click Here
Income Tax Act	Sec 36(1)(iii)	DCIT v. Tata Steel Ltd.	Interest on funds borrowed to acquire a foreign company for expansion and operational synergy of the existing business is a deductible business expense.	Click Here
Income Tax Act	Sec 54F	ITO v. Varun Jaisingh Asher	Receiving a flat in exchange for surrendering tenancy rights is a capital gain transaction (as tenancy is a capital asset); the assessee is eligible for Sec 54F exemption.	Click Here
Income Tax Act	Sec 68	Shilpa Shetty Kundra v. DCIT	A gift from a spouse requires proof of actual fund movement (bank statements) and the donor’s creditworthiness. Mere PAN and gift deeds are insufficient to discharge onus.	Click Here
Income Tax Act	Sec 115BBG	Valuelabs LLP v. DCIT	Renewable Energy Certificates (RECs) are issued under domestic electricity laws and do not qualify as “Carbon Credits” for the concessional tax rate under Sec 115BBG.	Click Here
Income Tax Act	Sec 132	Sanjeet Singh v. Pr. DIT (Inv)	Revenue cannot delay the release of seized jewellery (already approved against a bank guarantee) due to administrative reasons; market value increases should not prejudice the owner.	Click Here
Income Tax Act	Sec 199	Ms. Aarti Gupta v. ITO	A legal heir reporting a deceased spouse’s interest income in their own return is entitled to the corresponding TDS credit.	Click Here

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