Tax & Legal Articles

The Supreme Court, in Videocon International Ltd. Vs Securities & Exchange Board of India, examined the effect of the 2002 amendment to `Section 15Z` of the SEBI Act, which substituted the High Court with the Supreme Court as the forum for second app...

The Bombay High Court's ruling in Genesys International Corporation Ltd. Vs ACIT firmly reinforces the well-established principle that reassessment proceedings under `Section 148` of the Income-tax Act, 1961 cannot be used as an instrument to review ...

The apparent conflict between `RERA` and the `SARFAESI Act` is, upon careful analysis, considerably narrower and more precisely calibrated than either a "RERA always prevails" or "SARFAESI always prevails" reading would suggest. RERA does not displac...

The CESTAT Mumbai ruling in Asian Paints Limited Vs. Commissioner of CGST & Central Excise settles an important question at the intersection of VAT and service tax law — that where an operating lease agreement effectively transfers both possession an...

The NCLT Mumbai Bench's ruling in Canara Bank Limited vs Sanjana Uday Desai lays down an important precedent on two interlinked issues — the precise moment at which default crystallises under an on-demand personal guarantee, and the manner in which l...

The ruling in Clix Capital Services Pvt. Ltd Vs PCIT (ITAT Delhi) reinforces a key safeguard for assessees: `Section 263` cannot be invoked merely because the PCIT holds a different view or desires deeper verification. The Tribunal scrutinised each h...

Incorporating an LLP in India is a well-defined, multi-stage process governed primarily by the Limited Liability Partnership Act, 2008 and administered through the MCA portal. The process begins with careful pre-incorporation planning — including bus...

The judgment in Sonam Tshering Bhutia Vs ITO serves as a vital precedent regarding the interplay between unexplained cash additions and regional tax exemptions. The ITAT Kolkata reaffirmed that a bona fide resident of Sikkim is fully entitled to the ...

The ITAT Chennai's ruling in DSA Motors Vs ITO provides a definitive reaffirmation of the legal position that deposits of Specified Bank Notes during the demonetisation period cannot automatically be treated as unexplained money under `Section 69A` o...

The taxation of Employee Stock Ownership Plans is a highly structured, two-tiered process under the Income Tax Act 1961. The assessee first encounters a tax liability under the head of Salaries when the options are exercised, calculated as a perquisi...

The ITAT Delhi's ruling in Radcliffe Schools Education Ltd. Vs ACIT serves as an important restatement of foundational principles governing the disallowance of business expenditure. The Tribunal made it clear that an Assessing Officer's power to disa...

This ruling by the Delhi ITAT reinforces a crucial principle in penalty jurisprudence under the Income Tax Act, 1961: a penalty under `Section 271D` is not a free-standing levy that can survive the collapse of its foundational assessment. Once the IT...

The Bombay High Court, in PCIT Vs Maneesh Pharmaceuticals Pvt. Ltd., delivered a nuanced ruling in two Revenue appeals arising from the ITAT's common order dated 17 June 2021 for Assessment Years 2011-12 and 2012-13. The Court declined to entertain t...

The Supreme Court, in Jamboo Bhandari Vs State Industrial Development Corporation Ltd. & Ors., has authoritatively clarified that while the 20% deposit condition under `Section 148` of the Negotiable Instruments Act, 1881 operates as a general rule w...

This ruling by CESTAT Kolkata in Berger Paints India Limited v. Commissioner of Customs addresses a focused but commercially significant question — the rate of interest payable on the refund of amounts deposited during the course of customs investiga...

The decision by the ITAT Delhi in ACIT Vs Kotia Enterpriseas Limited serves as a vital reiteration of the established legal boundaries governing reassessment proceedings. The core takeaway is that the revenue department cannot utilize `Section 148` a...

Modern GST administration thrives on data correlations across returns, e-invoice systems, e-way bills, books of account and financial statements. Many notices are triggered not by deliberate evasion but by routine errors such as missed reversals, inc...

The Delhi ITAT's ruling in the case of Unitech Acacia Projects Pvt. Ltd. settles a crucial interpretive question — `Section 40(a)(ia)` of the Income Tax Act, 1961 is a disallowance provision that acts as a compliance enforcement mechanism and can onl...

The ITAT Delhi's pronouncement on 08/07/2026 in the case of `DCIT Vs Indian Broadcasting Foundation (ITAT Delhi)` reaffirms that policy-driven, non-commercial deployment of funds by a charitable entity into a subsidiary not-for-profit organization do...

The ITAT Ahmedabad's judgment in Ravindrabhai Shah Vs DCIT is a definitive reiteration of the legal boundaries surrounding reassessment proceedings. The Tribunal quashed a reassessment initiated beyond four years because the Assessing Officer attempt...

The enactment of the `Goods and Services Tax Settlement of Fund Rules, 2026` marks a definitive resolution to the long-standing complexities surrounding IGST revenue apportionment. Triggered by federal concerns and thoroughly debated in the 54th and ...

The Delhi ITAT's ruling in H.L. Financiers Pvt. Ltd. Vs ITO firmly establishes that reassessment proceedings are constitutionally and statutorily fragile if the foundational requirement of recording authenticated reasons is not met. The Tribunal foun...

The ruling in ACIT Vs Corro Health Infotech Pvt Ltd by the ITAT Chennai bench reinforces a fundamental principle: the CPC's processing powers under `Section 143(1)` are not unlimited. The Authority cannot make complex adjustments requiring multi-sche...

The ITAT Delhi in DCIT Vs Mahavir Pulses Pvt. Ltd. has reaffirmed that additions under `Section 68` must be founded on hard evidence and not merely on general investigation reports or the alleged status of the lender as a shell entity. Once the asses...

The Delhi ITAT's ruling in Managingbody of Shri Haryana Gaushala vs ITO firmly reinforces the principle that `Section 11` exemption cannot be denied to a charitable trust merely because Form 10B was filed after the prescribed deadline. The Tribunal's...

The Bombay High Court has clarified that once a co-operative society is bifurcated under `Section 17` of the `MCS Act`, the registration of the new societies itself constitutes a statutory conveyance of the assets and liabilities of the original soci...

The Delhi ITAT's ruling in Sanchar Nest Sahakari Awas Samiti Limited Vs DCIT/ACIT serves as a monumental precedent regarding the procedural strictness of search assessments under the Income Tax Act 1961. By harmoniously reading `Section 153C(3)` with...

The Government's reduction of Central Excise Duty on petrol and diesel by ₹10 per litre in March 2026 was a targeted fiscal intervention designed to protect consumers and support PSU Oil Marketing Companies in the face of Brent crude oil prices that ...

The decision in Naresh Kumar Vs ITO (ITAT Delhi) is a significant affirmation that penalties under `Section 271D` and `Section 271E` for violations of `Section 269SS` and `Section 269T` are subject to the mitigating provision of `Section 273B`. Where...

The Delhi ITAT in Ashok Kumar Tewari Vs ITO (ITAT Delhi) has categorically held that a reassessment framed under `Section 147` read with `Section 144` is invalid if the Assessing Officer fails to issue a mandatory notice under `Section 143(2)` after ...