INCOME TAX CASE LAWS 27.08.2026 Section Case Law Title Brief Summary Citation Relevant Act Section 4 Biodiversity Conservation Society of Telangana (BIOSOT) v. Union of India Where BIOSOT, a statutory society discharging sovereign functions under Article 48A, functioned as an instrumentality of the State, its receipts were immune from income tax under Article 289(1), making… 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 LAWS 26.08.2026 Relevant Act Section Case Law Title Citation Brief Summary Prohibition of Benami Property Transactions Act, 1988 Section 2(9) Lateef Qureshi v. Ajeem Qureshi Click Here Property acquired by a father in the names of his minor sons falls under the exception in Section 2(9)(iii) and is not a prohibited… Read More »
INCOME TAX CASE LAWS 25.08.2026 Relevant Act Section Case Law Title Citation Brief Summary Prohibition of Benami Property Transactions Act, 1988 Section 2 Om Parkash Agarwal v. Initiating Officer (DCIT/ACIT) Click Here Acquisition of substantial shares by a paper company lacking genuine operations/capital, funded via connected entities, held as a benami transaction with the… Read More »
INCOME TAX CASE LAWS 21.08.2026 Section Case Law Title Brief Summary Citation Relevant Act Section 2(14) Munijhar v. Income-tax Officer Agricultural land situated beyond 8 km from municipal limits of Greater Noida is not a capital asset; profit on sale is exempt. Click Here Income-tax Act, 1961 Section 2(24) DCIT v. ACC Ltd. Excise-duty exemption… Read More »
INCOME TAX CASE LAWS 20.08.2026 Section Case Law Title Brief Summary Citation Relevant Act Section 4 Mumbai Port Authority v. ACIT (Exemption) Addition of capitalised interest (50% per loan agreement) was not sustainable since the assessee already accounted for the full interest income in its books under the mercantile system. Click Here Income-tax Act, 1961… Read More »
INCOME TAX CASE LAWS 19.08.2026 Section Case Law Title Brief Summary Citation Relevant Act Section 2(14) Sun Pharma Laboratories Ltd. v. Deputy Commissioner of Income-tax Partnership interest assigned in an LLP constitutes a capital asset and transfer; matter remanded for proper valuation to compute actual capital gain or loss. Click Here Income-tax Act, 1961 Section… Read More »
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 »