INCOME TAX CASE LAWS 18.08.2026 Relevant Act Section / Rule Case Law Title / Update Brief Summary Citation Finance Act, 2026 Notification No. 114/2026 Foreign Assets of Small Taxpayers Disclosure Scheme Rules, 2026 Govt. notified the voluntary disclosure scheme rules and FAQs enabling eligible taxpayers to declare undisclosed foreign assets/income (open from 16-Aug-2026 to 31-Dec-2026).… Read More »
INCOME TAX CASE LAWS 17.08.2026 Relevant Act Section Case Law Title Brief Summary Citation Income-tax Act, 1961 Section 2(15) Lakhmi Chand Charitable Society v. Principal Commissioner of Income-tax Renewal under Section 12AB and approval under Section 80G were directed to be granted where no deficiencies existed in educational activities during the preceding 3 years, and… Read More »
INCOME TAX CASE LAWS 14.08.2026 Relevant Act Section / Rule Case Law Title Citation Brief Summary Income-tax Act, 1961 Section 9 DCIT (IT) v. Standard Chartered Bank Click Here Reimbursed expatriate salary paid initially by overseas HO for Indian PE is wholly for business, has suffered tax in India, and cannot be disallowed under section… 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 LAWS 12.08.2026 Relevant Act Section Case Law Title Citation Brief Summary Income-tax Act, 1961 Section 9 Principal Commissioner of Income-tax v. Cholamandalam Click Here SLP dismissed; TDS is not deductible on survey fees paid to non-resident surveyors outside India as services were entirely rendered outside the country. Income-tax Act, 1961 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 LAWS 11.08.2026 Section Case Law Title Citation Relevant Act Brief Summary Section 2(47) Smt. Mrunalini Kalagara v. Income-tax officer Click Here Income-tax Act, 1961 Transfer of immovable property via a registered sale deed constitutes a “transfer” attracting capital gains under Section 45, even if coercion or non-receipt of consideration is claimed. Matter… Read More »
INCOME TAX CASE LAWS 07.08.2026 Relevant Act Section Case Law Title Citation Brief Summary Legislative Update N/A Taxation and Other Laws (Amendment) Bill, 2026 Click Here Replaces the Income-tax (Amendment) Ordinance, 2026. Amends the Income-tax Act, 2025, Finance Act, 2026, and Payment & Settlement Systems Act, 2007 to introduce tax incentives for fund management, electronics… Read More »
INCOME TAX CASE LAWS 04.08.2026 Section Relevant Act Case Law Title Citation Brief Summary Section 2 Prohibition of Benami Property Transactions Act, 1988 Chhotelal v. Moolchand Lodhi Click Here Property purchased in the name of a child or out of joint family funds is excluded from the definition of a benami transaction; a civil suit… Read More »
Income Tax Case laws 02.08.2026 Income Tax Case laws 02.08.2026 Relevant Act Section Case Law Title Citation Brief Summary PBPT Act, 1988 Section 2(9) Lakshya Jewels v. Initiating Officer, DCIT (BPU) Click Here Unexplained deposit of demonetized currency followed by RTGS transfers fell within “benami transaction” under Sec 2(9) r.w.s. 2(26), warranting provisional attachment. Income-tax… Read More »