Registration under Section 12AB cannot be cancelled retroactively, for procedural lapses, or Section 13 violations.

By | July 25, 2026
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Registration under Section 12AB cannot be cancelled retroactively, for procedural lapses, or Section 13 violations. Issue Jurisdiction under Section 12AA Post-April 1, 2021: Whether the Pr.CIT(C) had the legal power to cancel registration under Sections 12AA(3) and 12AA(4) after Section 12AA(5) rendered the section inapplicable on or after April 1, 2021. Retrospective Application of Specified… Read More »

Agricultural Land Within Statutory Distance of Tambaram Municipality Constitutes Capital Asset, On-Money Restricted to Admitted Cash, and 70% Indexed Cost Allowed

By | July 25, 2026
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Agricultural Land Within Statutory Distance of Tambaram Municipality Constitutes Capital Asset, On-Money Restricted to Admitted Cash, and 70% Indexed Cost Allowed Issue Capital Asset Determination: Whether land located within 4.45 km of Tambaram Municipality (population exceeding 1.65 lakh) qualifies as a capital asset under Section 2(14)(iii)(b), making the gains arising from its sale taxable under… Read More »

INCOME-TAX (SECOND AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 157

By | July 25, 2026
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INCOME-TAX (SECOND AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 157 INCOME-TAX (SECOND AMENDMENT) RULES, 2026 – AMENDMENT IN RULE 157 NOTIFICATION G.S.R. 646(E) [NO. 94/2026/F. NO. 370142/24/2026-TPL], DATED 21-7-2026 In exercise of the powers conferred by section 533 read with section 262 of the Income-tax Act, 2025 (30 of 2025), the Central Board of Direct Taxes hereby makes the following rules further… Read More »