State-governed charitable trust is entitled to exemption as fund transfer for hazard mitigation equipment does not violate section 13.

By | July 6, 2026
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State-governed charitable trust is entitled to exemption as fund transfer for hazard mitigation equipment does not violate section 13. Issue Whether the appellant-trust, formed by the State Government for disaster mitigation, is entitled to tax exemption under Section 11 when its interest income was spent on purchasing high-end hazard mitigation computing equipment in the name… Read More »

Non-resident bank wins on inter-branch transactions, interest, exemptions, and key business expense deductions.

By | July 6, 2026
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Non-resident bank wins on inter-branch transactions, interest, exemptions, and key business expense deductions. Issue Whether various additions and disallowances made by the Assessing Officer concerning inter-branch transactions, overseas third-party bank interest, expense allocations ($§14\text{A}$), write-backs, broken period interest, club fees, interest on processing refunds ($§234\text{B}$), year-end forex revaluations, and CRR/SLR shortfalls are legally sustainable under… Read More »

Consideration received for transferring property development rights is taxable exclusively under Capital Gains.

By | July 6, 2026
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Consideration received for transferring property development rights is taxable exclusively under Capital Gains. Issue Whether development rights in an immovable property constitute a “capital asset” under Section 2(14) of the Income-tax Act, making the contractual consideration received for their transfer taxable under the head “Capital Gains” rather than “Income from Other Sources.” Facts The Agreement:… Read More »

Consideration received for transferring development rights is taxable as capital gains, not other sources.

By | July 6, 2026
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Consideration received for transferring development rights is taxable as capital gains, not other sources. Issue Whether development rights in an immovable property constitute a “capital asset” under Section 2(14), making the contractual consideration received for their transfer taxable under the head “Capital Gains” rather than “Income from Other Sources.” Facts Agreement: The assessee, along with… Read More »

Condonation of Delay for Filing Electronic Form 10AB Under Section 80G(5)

By | July 6, 2026
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Condonation of Delay for Filing Electronic Form 10AB Under Section 80G(5) CONDONATION OF DELAY IN FILING FORM NO. 10AB ELECTRONICALLY FOR APPROVAL UNDER CLAUSE (ii) OF THE FIRST PROVISO TO SECTION 80G(5) OF THE INCOME-TAX ACT, 1961 CIRCULAR NO. 6/2026 [F. NO. 300176/3/2026-ITA-I], DATED 2-7-2026 Section 80G of the Income-tax Act, 1961 (“the Act”) provides for deduction in… Read More »

Income Tax Exemption Notification for Statutory Bodies and Authorities Under Section 10(46)

By | July 6, 2026
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Income Tax Exemption Notification for Statutory Bodies and Authorities Under Section 10(46)   SECTION 10(46) OF THE INCOME-TAX ACT, 1961, READ WITH SECTION 536 OF THE INCOME-TAX ACT, 2025 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY NOTIFICATION S.O. 3596(E) [NO. 73 /2026/F. NO. 300196/32/2021-ITA-I], DATED 2-7-2026 Whereas, section 10 (46) of the Income-tax Act, 1961 (43… Read More »

GST CASE LAW 03.07.2026

By | July 6, 2026
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GST CASE LAW 03.07.2026 Relevant Act Section Case Law Title / Update Source Brief Summary Citation CGST Act, 2017 N/A (Advisory) GSTN Advisory on AATO Timeline Revised timeline for amending Aggregate Annual Turnover (AATO) for FY 2025-26 due to automatic system updates. Taxpayers can amend AATO from 01-07-2026 to 31-07-2026; tax officers will verify from… Read More »

Uploading a GST notice or order on the common portal constitutes valid service under law.

By | July 6, 2026
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Uploading a GST notice or order on the common portal constitutes valid service under law. Issue Whether making a Show Cause Notice (SCN) and subsequent order available on the common GST portal constitutes valid legal service under Section 169 of the CGST/OGST Act, or if the tax authority is additionally required to serve physical or… Read More »

GSTR-1 and GSTR-3B mismatch due to delayed customer payments must be adjudicated under Section 73.

By | July 6, 2026
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GSTR-1 and GSTR-3B mismatch due to delayed customer payments must be adjudicated under Section 73. Issue Whether the tax authority was justified in invoking the extended period of limitation and imposing a 100% penalty under Section 74 for an outward supply mismatch between GSTR-1 and GSTR-3B, or if the matter should be examined under Section… Read More »

Waiver of interest and penalty cannot be denied solely for depositing tax under the wrong head if the full liability was discharged within the statutory timeframe.

By | July 6, 2026
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Waiver of interest and penalty cannot be denied solely for depositing tax under the wrong head if the full liability was discharged within the statutory timeframe. Issue Whether the tax authority was justified in rejecting the petitioner’s application for waiver of interest and penalty under Section 128A of the CGST/TNGST Act solely because a portion… Read More »