Latest Updates
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• Reassessment — Notice under section 148 — Change of opinion — Information regarding accommodation entry previously addressed and explanation accepted in first round of reassessment proceedings and order passed — Identical material related to issue of assessee being beneficiary of accommodation entry examined in earlier reassessment proceedings in 2013 — Second notice under section 148 in 2018 based on same alleged accommodation entryPMC Fincorp Ltd. v. CIT, (2025) 482 ITR 444
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• Recovery of tax — Application for waiver of pre-deposit of 20 per cent of assessed tax — Discretion to waive pre-deposit — Effect of CBDT circular — Circular cannot override powers of appellate authorityShyam Oil Extractions (P) Ltd. v. CIT, (2025) 482 ITR 430
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• Assessment — Principle of consistency — Income from house property or business income — Business income or capital gains — Rental income consistently assessed as income from house property in prior and subsequent assessment years — Sale of properties in two years cannot change nature of income when predominant activity remained sameKnowell Realtors (India) (P) Ltd. v. CIT, (2025) 482 ITR 423
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International transactions — Transfer pricing — Computation of arm's length price — Selection of comparable — Transfer Pricing Officer including high brand value companies — Functional similarity alone not decisive factor,Cadence Design Systems (India) v. CIT, (2025) 482 ITR 415
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. Time-Travel Tax Traps: Finance Bill 2026 Nullified Pending Judicial Relief. Courtroom Wins Undone: The Sneaky Retrospective Moves of Union Budget 2026 to follow here2
- Tax Services
- Regulatory Services
- Audit & Assurance Services
- Corporate Advisory
Today's
Whether Mere Disclosure of Unaccounted Income in the ITR May Attract Proceedings under the PBPT Act ?
A person was intercepted by the police while carrying cash amounting to Rs. 50.13 lakh. He was produced before the Magistrate, but failed to disclose the identity of the persons from whom he had allegedly received such a huge amount, nor could he explain any legitimate source of the cash with supporting evidence. Consequently, the […]
Yesterday's
Section 281 (previously Section 148A) casts an important statutory duty upon the JAO and FAO
Section 148A of 1961 Act (now Section 281 under the 2025 Act) lays down the procedure to be followed by the AO before issuing a notice under Section 280 (earlier Section 148). This duty is twofold. First, the AO must provide the assessee with the incriminating material and information on which reliance is placed. Second, […]
Featured Publications
Latest Updates
-
• Reassessment — Notice under section 148 — Change of opinion — Information regarding accommodation entry previously addressed and explanation accepted in first round of reassessment proceedings and order passed — Identical material related to issue of assessee being beneficiary of accommodation entry examined in earlier reassessment proceedings in 2013 — Second notice under section 148 in 2018 based on same alleged accommodation entryPMC Fincorp Ltd. v. CIT, (2025) 482 ITR 444
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• Recovery of tax — Application for waiver of pre-deposit of 20 per cent of assessed tax — Discretion to waive pre-deposit — Effect of CBDT circular — Circular cannot override powers of appellate authorityShyam Oil Extractions (P) Ltd. v. CIT, (2025) 482 ITR 430
-
• Assessment — Principle of consistency — Income from house property or business income — Business income or capital gains — Rental income consistently assessed as income from house property in prior and subsequent assessment years — Sale of properties in two years cannot change nature of income when predominant activity remained sameKnowell Realtors (India) (P) Ltd. v. CIT, (2025) 482 ITR 423
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International transactions — Transfer pricing — Computation of arm's length price — Selection of comparable — Transfer Pricing Officer including high brand value companies — Functional similarity alone not decisive factor,Cadence Design Systems (India) v. CIT, (2025) 482 ITR 415
-
. Time-Travel Tax Traps: Finance Bill 2026 Nullified Pending Judicial Relief. Courtroom Wins Undone: The Sneaky Retrospective Moves of Union Budget 2026 to follow here2
Today's
Yesterday's
Featured Publications
Latest Updates
-
• Reassessment — Notice under section 148 — Change of opinion — Information regarding accommodation entry previously addressed and explanation accepted in first round of reassessment proceedings and order passed — Identical material related to issue of assessee being beneficiary of accommodation entry examined in earlier reassessment proceedings in 2013 — Second notice under section 148 in 2018 based on same alleged accommodation entryPMC Fincorp Ltd. v. CIT, (2025) 482 ITR 444
-
• Recovery of tax — Application for waiver of pre-deposit of 20 per cent of assessed tax — Discretion to waive pre-deposit — Effect of CBDT circular — Circular cannot override powers of appellate authorityShyam Oil Extractions (P) Ltd. v. CIT, (2025) 482 ITR 430
-
• Assessment — Principle of consistency — Income from house property or business income — Business income or capital gains — Rental income consistently assessed as income from house property in prior and subsequent assessment years — Sale of properties in two years cannot change nature of income when predominant activity remained sameKnowell Realtors (India) (P) Ltd. v. CIT, (2025) 482 ITR 423
-
International transactions — Transfer pricing — Computation of arm's length price — Selection of comparable — Transfer Pricing Officer including high brand value companies — Functional similarity alone not decisive factor,Cadence Design Systems (India) v. CIT, (2025) 482 ITR 415
-
. Time-Travel Tax Traps: Finance Bill 2026 Nullified Pending Judicial Relief. Courtroom Wins Undone: The Sneaky Retrospective Moves of Union Budget 2026 to follow here2
Latest Updates
-
• Reassessment — Notice under section 148 — Change of opinion — Information regarding accommodation entry previously addressed and explanation accepted in first round of reassessment proceedings and order passed — Identical material related to issue of assessee being beneficiary of accommodation entry examined in earlier reassessment proceedings in 2013 — Second notice under section 148 in 2018 based on same alleged accommodation entryPMC Fincorp Ltd. v. CIT, (2025) 482 ITR 444
-
• Recovery of tax — Application for waiver of pre-deposit of 20 per cent of assessed tax — Discretion to waive pre-deposit — Effect of CBDT circular — Circular cannot override powers of appellate authorityShyam Oil Extractions (P) Ltd. v. CIT, (2025) 482 ITR 430
-
• Assessment — Principle of consistency — Income from house property or business income — Business income or capital gains — Rental income consistently assessed as income from house property in prior and subsequent assessment years — Sale of properties in two years cannot change nature of income when predominant activity remained sameKnowell Realtors (India) (P) Ltd. v. CIT, (2025) 482 ITR 423
-
International transactions — Transfer pricing — Computation of arm's length price — Selection of comparable — Transfer Pricing Officer including high brand value companies — Functional similarity alone not decisive factor,Cadence Design Systems (India) v. CIT, (2025) 482 ITR 415
-
. Time-Travel Tax Traps: Finance Bill 2026 Nullified Pending Judicial Relief. Courtroom Wins Undone: The Sneaky Retrospective Moves of Union Budget 2026 to follow here2
- Tax Services
- Regulatory Services
- Audit & Assurance Services
- Corporate Advisory
Today's
Whether Mere Disclosure of Unaccounted Income in the ITR May Attract Proceedings under the PBPT Act ?
A person was intercepted by the police while carrying cash amounting to Rs. 50.13 lakh. He was produced before the Magistrate, but failed to disclose
Yesterday's
Section 281 (previously Section 148A) casts an important statutory duty upon the JAO and FAO
Section 148A of 1961 Act (now Section 281 under the 2025 Act) lays down the procedure to be followed by the AO before issuing a
Featured Publications
Whether Mere Disclosure of Unaccounted Income in the ITR May Attract Proceedings under the PBPT Act ?
A person was intercepted by the police while carrying cash amounting to Rs. 50.13 lakh. He was produced before the Magistrate, but failed to disclose
Should Tribunal Remand Section 68 Additions when the Law Is Settled?
In Income-tax Officer v. Aashna Developers (P.) Ltd. [2026] 186 taxmann.com 1073 (Ahmedabad – Trib.), the Income Tax Appellate Tribunal (ITAT), being the final fact-finding
Does Section 195 Runs Ahead of Assessment Proceedings?
Section 195 of the Income-tax Act, 2025 levies tax at a flat rate of 30% on amounts covered by Sections 102 to 106, which correspond
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Assessment
Tribunal Reiterates Higher Burden on Revenue- section 68/section 102 The decision of the Bangalore Bench in [2026] 186 taxmann.com 316 (Bangalore – Trib.) is an
Like seller the purchaser too has liberty to claim distress sale of property to him
Section 50C contain special provision for adopting stamp duty value as full value of consideration in certain cases of transfer of immovable property in the
Unwarranted additions- Need for Provision to Annex Computation of Income and Supporting Notes with ITR and Tax Audit Report
In [2025] 176 taxmann.com 470 (Calcutta) Britannia Industries acquired land and building from Bombay Dyeing at a price significantly lower to the stamp duty value.
Tax Services
Regulatory Services
Audit & Assurance Services
Corporate Advisory
Whether Mere Disclosure of Unaccounted Income in the ITR May Attract Proceedings under the PBPT Act ?
A person was intercepted by the police while carrying cash amounting to Rs. 50.13 lakh. He was produced before the Magistrate, but failed to disclose
Should Tribunal Remand Section 68 Additions when the Law Is Settled?
In Income-tax Officer v. Aashna Developers (P.) Ltd. [2026] 186 taxmann.com 1073 (Ahmedabad – Trib.), the Income Tax Appellate Tribunal (ITAT), being the final fact-finding
Does Section 195 Runs Ahead of Assessment Proceedings?
Section 195 of the Income-tax Act, 2025 levies tax at a flat rate of 30% on amounts covered by Sections 102 to 106, which correspond
No revision possible on debatable issue
The Commissioner of Income tax has no power to revise an assessment on subjects that are debatable in nature. In tax report [2026] 183 taxmann.com
India Legal
Provides in-depth coverage of the Indian legal industry, law firm news, and career guidance for students and professionals.Provides in-depth coverage of the Indian legal industry,
Jharkhand High Court pointers to taxpayers
In dismissing writ of TELCO CO-OPERATIVE SOCIETY LTD. in (2024] 471 ITR 285 (Jhar)it is held desirable under the law by the High Court of
Transactions with dubious entities is reason enough for case reopening vide 4211TR624
Transactions with dubious entities is reason enough for case reopening vide 4211TR624
Transactions with dubious entities is reason enough for case reopening vide 4211TR624
Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib)
Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib)
Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib)
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