Unrecorded warranty receivables from an AE constitute an asset, validating extended reassessment and special audit.

By | July 9, 2026
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Unrecorded warranty receivables from an AE constitute an asset, validating extended reassessment and special audit. Issue Whether unrecorded contractual receivables from an Associated Enterprise (AE) for warranty reimbursements constitute an “asset” under Section 153A, allowing the extended 10-year reassessment notice window under Section 149(1)(b). Whether an extended reassessment notice can be sustained if the recorded… Read More »

Cash deposits from agricultural land sale require factual verification and matter is remanded for de novo adjudication.

By | July 9, 2026
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Cash deposits from agricultural land sale require factual verification and matter is remanded for de novo adjudication. Issue Whether the addition of cash deposits worth Rs. 10.05 lakhs as unexplained money under section 69A of the Income-tax Act, 1961 is legally sustainable when the assessee submits documentary evidence proving the funds arose from an exempt… Read More »

On-money from an incomplete project cannot be taxed under the project completion method via revisionary powers.

By | July 9, 2026
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On-money from an incomplete project cannot be taxed under the project completion method via revisionary powers. Issue Whether the Principal Commissioner of Income-tax (PCIT) can validly invoke revisionary powers under section 263 to tax an on-money receipt of Rs. 7.96 crore in the current assessment year, when the assessee follows the undisputed project completion method… Read More »

Sale proceeds from undisputed prior-year unlisted investments cannot be treated as unexplained cash credits.

By | July 9, 2026
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Sale proceeds from undisputed prior-year unlisted investments cannot be treated as unexplained cash credits. Issue Whether the sale proceeds from the disposal of unlisted equity investments, which originated in unchecked prior years, can be treated as unexplained cash credits under section 68, and whether an ad hoc addition for commission expenses can be made under… Read More »

No section 68 addition is sustainable for an alleged cash loan without any credit entry in the assessee’s books.

By | July 9, 2026
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No section 68 addition is sustainable for an alleged cash loan without any credit entry in the assessee’s books. Issue Whether an addition under section 68 of the Income-tax Act, 1961 can be legally sustained when there is no credit entry in the assessee’s books of account, and the addition is based entirely on a… Read More »

Departure in trading patterns alone during demonetization cannot justify a section 68 addition without rejecting the books of account.

By | July 9, 2026
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Departure in trading patterns alone during demonetization cannot justify a section 68 addition without rejecting the books of account. Issue Whether a sudden surge or change in trading patterns during the demonetization period can by itself justify an addition of cash deposits as unexplained cash credit under section 68 of the Income-tax Act, 1961, when… Read More »

Order indicating the process to be followed by Designated Authority under Section 57 of OSH and WC Code 2020.Order indicating the process to be followed by Designated Authority under Section 57 of OSH and WC Code 2020

By | July 9, 2026
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Order indicating the process to be followed by Designated Authority under Section 57 of OSH and WC Code 2020 The Gazette of India CG-DL-E-08072026-274246 EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY No. 3510] NEW DELHI, TUESDAY, JULY 7, 2026/ASHADHA 16, 1948 MINISTRY OF LABOUR AND EMPLOYMENT ORDER New Delhi, the 7th July, 2026 S.O.… Read More »

RBI Notification Regarding Status of Cooperatieve Rabobank under Banking Regulation Act

By | July 9, 2026
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RBI Notification Regarding Status of Cooperatieve Rabobank under Banking Regulation Act In pursuance of sub section (2) of Section 36A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby notifies that the Cooperatieve Rabobank RBI Notification Regarding Status of Cooperatieve Rabobank under Banking Regulation Act The Gazette of India CG-MH-E-08072026-274245 EXTRAORDINARY PART… Read More »

Marine Aids to Navigation (Vessel Traffic Service) Rule, 2026

By | July 9, 2026
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Marine Aids to Navigation (Vessel Traffic Service) Rule, 2026 Marine Aids to Navigation (Vessel Traffic Service) Rule, 2026 The Gazette of India CG-UP-E-08072026-274241 EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY No. 533] NEW DELHI, TUESDAY, JULY 7, 2026/ASHADHA 16, 1948 MINISTRY OF PORTS, SHIPPING AND WATERWAYS NOTIFICATION New Delhi, the 7th July, 2026 G.S.R.… Read More »

corrigendum to GSR 859E regarding aadhaar authentication under PFMS

By | July 9, 2026
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corrigendum to GSR 859E regarding aadhaar authentication under PFMS corrigendum to GSR 859E regarding aadhaar authentication under PFMS The Gazette of India CG-DL-E-07072026-274236 EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY No. 522] NEW DELHI, TUESDAY, JULY 7, 2026/ASHADHA 16, 1948 MINISTRY OF FINANCE (Department Of Expenditure) CORRIGENDUM New Delhi, the 1st July, 2026 G.S.R.… Read More »