INCOME TAX CASE LAW 05.08.2026 Section Case Law Title Brief Summary Citation Relevant Act Section 2 Myrah Trade and Business v. Deputy Commissioner of Income-tax (BPU-1) Unverified gold sale receipt of ₹25 lakh without KYC or proof of delivery was held to be a bogus arrangement to convert demonetized currency into transfer entries; attachment as… Read More »
INCOME TAX CASE LAW 02.09.2026 Section Relevant Act Case Law Title Citation Brief Summary Section 2(47) Income-tax Act, 1961 Sandhya Roy v. Income-tax Officer Click Here Where reassessment was framed treating execution of a JDA as a transfer without a return filed, the CIT(A) order was set aside and remitted for fresh decision on merits… Read More »
INCOME TAX CASE LAW 15.05.2026 Section Case Law Title Brief Summary Citation Relevant Act Section 5 Commissioner of Income-tax v. Sterling Holiday Resorts (India) Ltd. Upfront membership fees with continuing contractual service obligations over time cannot be taxed entirely in the initial year; deferred revenue recognition per AS-9 is justified. Click Here Income-tax Act, 1961… Read More »
INCOME TAX CASE LAW 16.07.2025 Section Case Law Title / Item Brief Summary Citation Relevant Act N/A (Press Release) CBDT Verification Drive on Fake Deductions The Income-tax Department launched a nationwide verification drive against individuals, entities, and intermediaries making fraudulent deduction and exemption claims in ITRs. Click here Income-tax Act, 1961 Section 10(46) Notification of… Read More »
INCOME TAX CASE LAW 13.08.2026 Relevant Act Section Case Law Title Citation Brief Summary Income-tax Act, 1961 2(14) Akhilesh Bansal v. ITO, Ward 1 (1) Click Here Rural agricultural land located beyond 8 km from municipal limits is not a capital asset under Section 2(14)(iii); hence, enhanced compulsory acquisition compensation is not taxable under Section… Read More »
INCOME TAX CASE LAW 11.08.2026 Relevant Act Section Case Law Title / Matter Citation Brief Summary Tribunals Reforms Act Legislative Update Tribunals Reforms Bill, 2026 Click Here The Lok Sabha passed the Tribunals Reforms Bill, 2026, repealing the 2021 Act to set up an independent National Tribunals Commission overseeing appointments and service conditions across tribunals.… Read More »
INCOME TAX CASE LAW 01.08.2026 Relevant Act Section Case Law Title Brief Summary Citation Income-tax Act, 1961 Section 2(15) Amaltash Residents Welfare Association v. CIT(E) Activities limited strictly to RWA members with benefits confined to a determinate group are governed by the principle of mutuality and do not qualify as “charitable.” Rejection of Sec 12AB… Read More »
INCOME TAX CASE LAW 23.07.2026 INCOME TAX CASE LAW 23.07.2026 Section Case Law Title / Ref. Brief Summary Citation Relevant Act Rule 157 Notification No. 94/2026 CBDT widened the definition of ‘specified fund’ under Rule 157 to include Cat-I and Cat-II AIFs regulated by SEBI/IFSCA in an IFSC, alongside Schedule VI funds. Click Here Income-tax… Read More »
INCOME TAX CASE LAW 10.07.2026 Relevant Act Section Case Law Title Brief Summary Citation Income-tax Act, 1961 Section 2(14) Ketan Pravinchandra Kamdar v. Deputy Commissioner of Income-tax Surrendering an allotment right to a flat constitutes a capital asset; compensation received for its relinquishment is taxable as capital gains, making any resultant long-term capital loss allowable.… Read More »
INCOME TAX CASE LAW 06.07.2026 Relevant Act Section Case Law Title / Issuing Authority Citation / Notification No. Brief Summary Income-tax Act, 1961 TDS Exemption (IFSC Units) Central Board of Direct Taxes (CBDT) Click Here Exempts TDS under Section 194 (noted as 393 in edit) on lease rent or supplemental lease rent paid to eligible… Read More »