Omission of Rule 96(10) Without Saving Clause Applies to All Pending Proceedings, Entitling Exporters to IGST Refunds

By | November 10, 2026
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Omission of Rule 96(10) Without Saving Clause Applies to All Pending Proceedings, Entitling Exporters to IGST Refunds Issue Whether the retrospective amendment and operation of Rule 96(10) of the CGST/RGST Rules, 2017—denying IGST refunds on exports where the supplier availed Notification 41/2017-IGST—survives the subsequent omission of the rule without a saving clause, in light of… Read More »

INCOME TAX CASE LAWS 07.11.2026

By | November 10, 2026
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INCOME TAX CASE LAWS 07.11.2026   Section Case Law Title Brief Summary Citation Relevant Act Section 2(9) Besties Trading (P.) Ltd. v. Initiating Officer, BPU, Delhi Where cash deposited during demonetisation in accounts of entities controlled by an accommodation-entry operator was routed to assessee through banking channels, since both entities were found to be non-genuine… Read More »

Clerical Computational Errors in F&O Loss Reporting Do Not Constitute Undisclosed Income Warranting Section 271AAB Penalty

By | November 10, 2026
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Clerical Computational Errors in F&O Loss Reporting Do Not Constitute Undisclosed Income Warranting Section 271AAB Penalty Issue Whether an addition of ₹40,688 arising from a clerical computational error in reporting Futures and Options (F&O) loss in the return of income constitutes “undisclosed income” under Section 271AAB(3)(c), thereby justifying the levy of penalty under Section 271AAB(1A).… Read More »

Penalty Under Section 270A Is Validly Levied for Under-Reporting Due to Misreporting of Income Involving Accommodation Entries Discovered During Survey

By | November 10, 2026
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Penalty Under Section 270A Is Validly Levied for Under-Reporting Due to Misreporting of Income Involving Accommodation Entries Discovered During Survey Issue Whether penalty under Section 270A for under-reporting in consequence of misreporting of income is sustainable when an assessee surrenders expenditure and depreciation claims relating to bogus accommodation-entry providers only after being confronted with adverse… Read More »

Reassessment Initiated Beyond Three Years Is Barred by Limitation When Escaped Income Falls Below Fifty Lakh Rupees

By | November 10, 2026
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Reassessment Initiated Beyond Three Years Is Barred by Limitation When Escaped Income Falls Below Fifty Lakh Rupees Issue Whether a reassessment notice issued under Section 148 beyond the standard three-year limitation period is legally valid when the actual income escaping assessment is determined to be ₹20 lakhs, falling below the mandatory ₹50 lakh threshold prescribed… Read More »

Reassessment Notice Issued Beyond Three Years Based on Palpably Incorrect Non-Filing Information Is Void

By | November 10, 2026
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Reassessment Notice Issued Beyond Three Years Based on Palpably Incorrect Non-Filing Information Is Void Issue Whether a reassessment notice issued under Section 148 read with Section 148A(b) beyond the standard three-year limitation period is legally valid when based on palpably incorrect information (“Non-Filing of Return”) and artificially inflated income escaping assessment to cross the ₹50… Read More »

Transfer Pricing Adjustments Remanded for Verification While Loss Carry Forward Entitlement Is Upheld Upon Timely Filing

By | November 10, 2026
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Transfer Pricing Adjustments Remanded for Verification While Loss Carry Forward Entitlement Is Upheld Upon Timely Filing Issue Whether transfer-pricing adjustments relating to interest-free working capital funds and laptop expense reimbursements should be remanded for fresh adjudication upon production of corroborative evidence. Whether an assessee filing its return by the extended due date of 30th November… Read More »

Section 40A(3) Cash Disallowance Is Invalid Without Specific Daily Payee Verification After Books Rejection

By | November 10, 2026
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Section 40A(3) Cash Disallowance Is Invalid Without Specific Daily Payee Verification After Books Rejection Issue Whether an ad-hoc disallowance under Section 40A(3) can be sustained when the Assessing Officer fails to verify and specifically identify individual instances of cash payments exceeding the single-payee, single-day threshold. Whether the Commissioner (Appeals), exercising co-terminus powers, is justified in… Read More »

Massive Unsubstantiated Fee Surpluses and Accumulations Justify Rejection of Section 12A Educational Registration

By | November 10, 2026
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Massive Unsubstantiated Fee Surpluses and Accumulations Justify Rejection of Section 12A Educational Registration Issue Whether an educational institution established under the IIM Act, 2017, generating substantial recurring surpluses and maintaining massive accumulated funds without concrete documentation for proposed expansion, is entitled to registration under Section 12A read with Section 2(15) of the Income-tax Act, 1961.… Read More »

Survey Excess Cash and Stock Incorporated in Financial Books Are Business Income, Exempting Section 115BBE Taxation

By | November 10, 2026
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Survey Excess Cash and Stock Incorporated in Financial Books Are Business Income, Exempting Section 115BBE Taxation Issue Whether excess cash and excess stock of gold and silver jewellery found during a survey under Section 133A—which were duly incorporated into the trading and capital accounts before finalizing year-end books—can be treated as unexplained investments under Sections… Read More »