TaxGuru.in - Daily Newsletter

Bombay HC: Assessee Cannot Seek Relief on ₹16 Lakh Already Disallowed in Income Computation

CA Sandeep Kanoi — Thu, 06 Aug 2026 17:00:49 +0000

Bombay HC allowed the Revenues appeal after the assessee admitted disallowing ₹16 lakh in its income computation, making the Tribunals restriction to ₹3 lakh contrary to record.

The post Bombay HC: Assessee Cannot Seek Relief on ₹16 Lakh Already Disallowed in Income Computation appeared first on TaxGuru.

ITAT Mumbai Deletes ₹1.71 Crore Section 68 Addition on Advance Received & Refunded Through Banking Channels

CA Sandeep Kanoi — Thu, 06 Aug 2026 16:45:46 +0000

ITAT deleted the Section 68 addition on advance received under an MOU, holding that banking transactions and supporting documents established the transaction's genuineness.

The post ITAT Mumbai Deletes ₹1.71 Crore Section 68 Addition on Advance Received & Refunded Through Banking Channels appeared first on TaxGuru.

ITAT Mumbai Deletes Section 68 Addition on Repaid Unsecured Loans Through Banking Channels

CA Sandeep Kanoi — Thu, 06 Aug 2026 16:30:44 +0000

ITAT upheld deletion of the Section 68 addition after finding the assessee had proved identity, creditworthiness and genuineness of repaid unsecured loans through banking channels.

The post ITAT Mumbai Deletes Section 68 Addition on Repaid Unsecured Loans Through Banking Channels appeared first on TaxGuru.

ITAT Mumbai Upholds 0.5% Corporate Guarantee Fee, Allows ESOP Deduction

CA Sandeep Kanoi — Thu, 06 Aug 2026 16:15:42 +0000

ITAT upheld 0.5% corporate guarantee commission, allowed ESOP deduction under Section 37(1), and deleted Section 14A and Section 115JB adjustments.

The post ITAT Mumbai Upholds 0.5% Corporate Guarantee Fee, Allows ESOP Deduction appeared first on TaxGuru.

Fresh ₹216.78 Crore ESOP Deduction Claim Can Be Raised Before Appellate Authorities: ITAT Mumbai

CA Sandeep Kanoi — Thu, 06 Aug 2026 16:00:40 +0000

ITAT remanded the ESOP deduction claim under Section 37 to the AO after holding that the Tribunal can entertain an additional legal claim not made in the return.

The post Fresh ₹216.78 Crore ESOP Deduction Claim Can Be Raised Before Appellate Authorities: ITAT Mumbai appeared first on TaxGuru.

Orissa HC Directs RTO to Unblock Vehicle on Vahan Portal Pending Penalty Proceedings

editor8 — Thu, 06 Aug 2026 15:52:54 +0000

Orissa HC directed unblocking of a vehicle in the Vahan Portal, permitted reply to the show cause notice, and ordered consideration of the penalty proceedings.

The post Orissa HC Directs RTO to Unblock Vehicle on Vahan Portal Pending Penalty Proceedings appeared first on TaxGuru.

ITAT Ahmedabad Quashes Section 263 Revision Over Change of Disallowance Provision

CA Sandeep Kanoi — Thu, 06 Aug 2026 15:45:38 +0000

ITAT quashed the Section 263 revision, holding that disallowance under Section 37 instead of Section 69C was a plausible view where expenditure source was explained.

The post ITAT Ahmedabad Quashes Section 263 Revision Over Change of Disallowance Provision appeared first on TaxGuru.

Madras HC: Section 80IB Deduction Need Not Reduce Section 80HHC Relief

CA Sandeep Kanoi — Thu, 06 Aug 2026 15:26:03 +0000

Madras HC set aside the ITAT order and remanded the matter for recomputation of Sections 80IB and 80HHC deductions following the Supreme Court's ruling in Shital Fibres Limited.

The post Madras HC: Section 80IB Deduction Need Not Reduce Section 80HHC Relief appeared first on TaxGuru.

Bangalore ITAT Condones 4-Year Delay as Assessee Bona Fide Pursued Section 119(2)(b) Remedy

CA Sandeep Kanoi — Thu, 06 Aug 2026 15:25:29 +0000

ITAT condoned a four-year delay, holding sufficient cause existed as the assessee pursued an alternative remedy, and restored the appeal for decision on merits.

The post Bangalore ITAT Condones 4-Year Delay as Assessee Bona Fide Pursued Section 119(2)(b) Remedy appeared first on TaxGuru.

Gujarat HC Upholds Section 148 Reopening Based on Tangible Material in Penny Stock Case

CA Sandeep Kanoi — Thu, 06 Aug 2026 15:15:31 +0000

Gujarat HC upheld reopening under Sections 147 and 148, holding information on penny stock transactions constituted tangible material to form reason to believe.

The post Gujarat HC Upholds Section 148 Reopening Based on Tangible Material in Penny Stock Case appeared first on TaxGuru.

Bhandari Scrap Traders: Does SC Require Recipient to Prove GST Payment?

akgupta487 — Thu, 06 Aug 2026 15:07:32 +0000

Article examines the Supreme Court's Bhandari Scrap Traders ruling, stating Section 16(2)(c) operates through Section 41 and Rule 37A, not recipient investigation.

The post Bhandari Scrap Traders: Does SC Require Recipient to Prove GST Payment? appeared first on TaxGuru.

Cash Deposit Before Registered Sale Indicates On-Money Receipt: Delhi ITAT

CA Vijayakumar Shetty — Thu, 06 Aug 2026 15:00:34 +0000

Delhi ITAT upheld reassessment, inferred ₹4.88 lakh on-money, reduced unexplained cash deficit, and directed fresh capital gains computation.

The post Cash Deposit Before Registered Sale Indicates On-Money Receipt: Delhi ITAT appeared first on TaxGuru.

Madras HC Upholds Reopening Within 4 Years Based on TDS Default on Foreign Payment

CA Sandeep Kanoi — Thu, 06 Aug 2026 15:00:29 +0000

Madras HC upheld reassessment under Section 147, holding reopening within four years was based on tangible material and reasons to believe.

The post Madras HC Upholds Reopening Within 4 Years Based on TDS Default on Foreign Payment appeared first on TaxGuru.

Karnataka HC: Cashless Exercise of Stock Options Gives Rise to Long-Term Capital Gains, Not Salary

CA Sandeep Kanoi — Thu, 06 Aug 2026 14:45:28 +0000

Karnataka HC held cashless exercise of stock options by an independent consultant resulted in capital gains, not salary, and quashed the Tribunals order.

The post Karnataka HC: Cashless Exercise of Stock Options Gives Rise to Long-Term Capital Gains, Not Salary appeared first on TaxGuru.

CAAR Mumbai Reclassifies Pelaforce Extract Under CTH 1302, Grants Customs Duty Exemption

CA Sandeep Kanoi — Thu, 06 Aug 2026 14:41:31 +0000

CAAR modified its advance ruling, classified Pelaforce EMA1170 under CTH 1302 and held it eligible for Notification No. 45/2025-Customs benefits.

The post CAAR Mumbai Reclassifies Pelaforce Extract Under CTH 1302, Grants Customs Duty Exemption appeared first on TaxGuru.

MVAT Appeals Cannot Be Dismissed for Non-Prosecution: Bombay HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 14:30:25 +0000

Bombay High Court set aside Tribunal orders dismissing a VAT appeal for default, holding Section 26(5)(a) MVAT requires appeals to be decided on merits.

The post MVAT Appeals Cannot Be Dismissed for Non-Prosecution: Bombay HC appeared first on TaxGuru.

Parent Company Subvention to Prevent Subsidiary Losses Is Capital Receipt: ITAT Pune

CA Sandeep Kanoi — Thu, 06 Aug 2026 14:15:22 +0000

ITAT held parent company subvention was a capital receipt, treated it as operating income for PLI, deleted TP adjustments on intra-group services and royalty.

The post Parent Company Subvention to Prevent Subsidiary Losses Is Capital Receipt: ITAT Pune appeared first on TaxGuru.

SEBI Proposes REIT and InvIT Ease of Doing Business Reforms for Public Consultation

Editor — Thu, 06 Aug 2026 14:07:59 +0000

SEBI seeks comments on proposed REIT and InvIT reforms covering investments, voting, exit offers, remote infrastructure and OFS cooling-off norms.

The post SEBI Proposes REIT and InvIT Ease of Doing Business Reforms for Public Consultation appeared first on TaxGuru.

SEBI Proposes Settlement and Risk Management Changes to Ease Compliance for MIIs

Editor — Thu, 06 Aug 2026 14:07:44 +0000

SEBI seeks public comments on proposed changes to settlement and risk management norms to simplify compliance and reduce regulatory burden on clearing corporations.

The post SEBI Proposes Settlement and Risk Management Changes to Ease Compliance for MIIs appeared first on TaxGuru.

ITAT Bangalore Remands Goodwill Amortisation and Transfer Pricing Issues for Fresh Review

CA Sandeep Kanoi — Thu, 06 Aug 2026 14:00:20 +0000

ITAT remanded transfer pricing and goodwill depreciation issues to the AO/TPO, directing fresh examination on benchmarking, comparables, working capital adjustment, and goodwill claims.

The post ITAT Bangalore Remands Goodwill Amortisation and Transfer Pricing Issues for Fresh Review appeared first on TaxGuru.

ITAT Delhi Deletes ALP Adjustment on Imported Capital Goods, Removes Mark-Up on Cost-to-Cost Reimbursements

CA Sandeep Kanoi — Thu, 06 Aug 2026 13:45:18 +0000

ITAT deleted transfer pricing adjustments on imported capital goods and expense reimbursements, remanded interest on receivables, and directed consequential relief on depreciation set-off.

The post ITAT Delhi Deletes ALP Adjustment on Imported Capital Goods, Removes Mark-Up on Cost-to-Cost Reimbursements appeared first on TaxGuru.

ITAT Bangalore Allows Warranty Provision, Remands Transfer Pricing Adjustments

CA Sandeep Kanoi — Thu, 06 Aug 2026 13:26:15 +0000

ITAT remanded key transfer pricing issues for fresh examination, allowed warranty provision deduction, and examined comparability and licence fee issues.

The post ITAT Bangalore Allows Warranty Provision, Remands Transfer Pricing Adjustments appeared first on TaxGuru.

Corporate Laws Amendment Bill 2026 Proposes New Section 88(2A) on Trust Entries: FAQs

Sushil Kumar Antal — Thu, 06 Aug 2026 13:20:13 +0000

Clause 31 of the Corporate Laws (Amendment) Bill, 2026 proposes Section 88(2A) to bar recording notices of trust in company statutory registers.

The post Corporate Laws Amendment Bill 2026 Proposes New Section 88(2A) on Trust Entries: FAQs appeared first on TaxGuru.

Unsigned & Unauthenticated ‘Reasons to Believe’ Cannot Sustain Notice under Section 148: Delhi ITAT

CA Vijayakumar Shetty — Thu, 06 Aug 2026 13:05:55 +0000

ITAT quashed the reassessment after holding that the recorded reasons lacked the Assessing Officer's authentication required under Sections 148(2) and 282A.

The post Unsigned & Unauthenticated ‘Reasons to Believe’ Cannot Sustain Notice under Section 148: Delhi ITAT appeared first on TaxGuru.

Bangalore ITAT: Cash Deposit Addition Unsustainable Without Examining Withdrawals & Cash Flow

CA Vijayakumar Shetty — Thu, 06 Aug 2026 12:13:55 +0000

Bangalore ITAT deleted a ₹60 lakh addition after accepting documentary evidence explaining cash deposits and considering withdrawals, cash flow and explanation.

The post Bangalore ITAT: Cash Deposit Addition Unsustainable Without Examining Withdrawals & Cash Flow appeared first on TaxGuru.

Supreme Court Judgments Apply Retrospectively Unless Expressly Made Prospective: SC

CA Vijayakumar Shetty — Thu, 06 Aug 2026 12:02:20 +0000

SC held its judgments apply retrospectively unless expressly prospective and ruled no Government subvention was payable beyond academic year 2002-03.

The post Supreme Court Judgments Apply Retrospectively Unless Expressly Made Prospective: SC appeared first on TaxGuru.

Bangalore ITAT: Credit Co-op Society Entitled to Section 80P Deduction on Bank Interest

CA Vijayakumar Shetty — Thu, 06 Aug 2026 11:50:59 +0000

Bangalore ITAT allowed full section 80P deduction on bank deposit interest, holding section 80P(4) inapplicable to a credit co-operative society.

The post Bangalore ITAT: Credit Co-op Society Entitled to Section 80P Deduction on Bank Interest appeared first on TaxGuru.

SEBI Appeal Amendment Does Not Affect Pending High Court Appeals: SC

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:50:22 +0000

Supreme Court held that appeals filed before the High Court prior to the amendment of Section 15Z of the SEBI Act remain maintainable and dismissed the appeal.

The post SEBI Appeal Amendment Does Not Affect Pending High Court Appeals: SC appeared first on TaxGuru.

ITAT Delhi Quashes Section 263 Revision as AO Had Conducted Adequate Enquiry

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:45:55 +0000

ITAT quashed the Section 263 revision after finding the AO had conducted adequate enquiries on all issues and the PCIT merely directed fishing enquiries.

The post ITAT Delhi Quashes Section 263 Revision as AO Had Conducted Adequate Enquiry appeared first on TaxGuru.

ITAT Hyderabad Quashes Section 263 Revision as AO Had Examined Bad Debts & Buy-Back Tax

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:45:18 +0000

ITAT partly set aside the Section 263 revision, restored relief on bad debts and buy-back tax, and upheld fresh examination of Ind AS 116 and onerous contract issues.

The post ITAT Hyderabad Quashes Section 263 Revision as AO Had Examined Bad Debts & Buy-Back Tax appeared first on TaxGuru.

ITAT Chennai Deletes ₹24 Cr ICDS Adjustment Made by CPC Under Section 143(1)

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:44:00 +0000

ITAT upheld deletion of a Section 143(1) ICDS adjustment, finding it caused double disallowance, restored carried forward loss, and allowed prepaid tax credits.

The post ITAT Chennai Deletes ₹24 Cr ICDS Adjustment Made by CPC Under Section 143(1) appeared first on TaxGuru.

Bangalore ITAT Restores Section 80G Approval After CIT(E) Ignored Filed Documents

CA Vijayakumar Shetty — Thu, 06 Aug 2026 11:39:12 +0000

Bangalore ITAT restored a section 80G approval application after finding the CIT(E) ignored documents filed before passing the rejection order.

The post Bangalore ITAT Restores Section 80G Approval After CIT(E) Ignored Filed Documents appeared first on TaxGuru.

ITAT Deletes Duplicate ICDS Disallowance on Tangible Fixed Assets

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:36:35 +0000

ITAT deleted duplicate ICDS and MSMED interest disallowances, directed TDS verification, and dismissed transfer pricing grounds as withdrawn.

The post ITAT Deletes Duplicate ICDS Disallowance on Tangible Fixed Assets appeared first on TaxGuru.

20% Deposit Under Section 148 NI Act Not Mandatory in Exceptional Cases: SC

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:33:48 +0000

Supreme Court held that 20% deposit under Section 148 of the NI Act is not mandatory in every appeal and exceptional cases may justify suspension of sentence without such deposit.

The post 20% Deposit Under Section 148 NI Act Not Mandatory in Exceptional Cases: SC appeared first on TaxGuru.

SC Upholds CESTAT Order Rejecting Customs Demand Based on Uncertified Electronic Evidence

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:31:11 +0000

Supreme Court dismissed Revenue's customs appeals, leaving undisturbed the CESTAT order setting aside undervaluation demands and penalties.

The post SC Upholds CESTAT Order Rejecting Customs Demand Based on Uncertified Electronic Evidence appeared first on TaxGuru.

Bangalore ITAT Quashes Reassessment on Non-Existent Company After LLP Conversion

CA Vijayakumar Shetty — Thu, 06 Aug 2026 11:30:56 +0000

Bangalore ITAT quashed reassessment orders passed on a company after its conversion into an LLP despite prior intimation to the Assessing Officer.

The post Bangalore ITAT Quashes Reassessment on Non-Existent Company After LLP Conversion appeared first on TaxGuru.

ITAT Chennai Deletes Section 69A Addition on Explained SBN Deposits During Demonetisation

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:29:32 +0000

ITAT deleted the Section 69A addition on demonetisation cash deposits after holding that the assessee had explained the source through loans from relatives and friends.

The post ITAT Chennai Deletes Section 69A Addition on Explained SBN Deposits During Demonetisation appeared first on TaxGuru.

Delhi ITAT Deletes ₹15.90 Lakh Addition; Genuine Sale Not Bogus Due to Buyer’s Status

CA Vijayakumar Shetty — Thu, 06 Aug 2026 11:22:01 +0000

Delhi ITAT deleted a ₹15.90 lakh section 68 addition after finding the sale was supported by books, GST records, invoices, stock records and bank receipts.

The post Delhi ITAT Deletes ₹15.90 Lakh Addition; Genuine Sale Not Bogus Due to Buyer’s Status appeared first on TaxGuru.

Delhi ITAT Remands ₹1.17 Crore Addition After Trust Alleges Forged Bank Account

CA Vijayakumar Shetty — Thu, 06 Aug 2026 11:15:26 +0000

Delhi ITAT remanded a ₹1.17 crore section 69 addition after finding no proper enquiry into the trust's claim of a forged bank account.

The post Delhi ITAT Remands ₹1.17 Crore Addition After Trust Alleges Forged Bank Account appeared first on TaxGuru.

Section 271D Penalty Cannot Survive After Quantum Assessment Is Quashed: Delhi ITAT

CA Vijayakumar Shetty — Thu, 06 Aug 2026 11:02:38 +0000

ITAT upheld deletion of Section 271D penalty after the quantum assessment was quashed and agreed limitation ran from the AO's recorded satisfaction.

The post Section 271D Penalty Cannot Survive After Quantum Assessment Is Quashed: Delhi ITAT appeared first on TaxGuru.

Debenture Redemption Reserve Not Book Profit Reserve Under Section 115JB: ITAT Ahmedabad

CA Sandeep Kanoi — Thu, 06 Aug 2026 11:00:47 +0000

ITAT allowed the assessee's Section 14A appeal, upheld Section 80-IE deduction and MAT relief on Debenture Redemption Reserve, and dismissed Revenue's appeal.

The post Debenture Redemption Reserve Not Book Profit Reserve Under Section 115JB: ITAT Ahmedabad appeared first on TaxGuru.

Delhi ITAT: AO Cannot Add New Issues After Dropping Reopening Reason

CA Vijayakumar Shetty — Thu, 06 Aug 2026 10:53:26 +0000

Delhi ITAT quashed reassessment as no addition was made on the issue for which reopening was initiated, while additions were made on unrelated issues.

The post Delhi ITAT: AO Cannot Add New Issues After Dropping Reopening Reason appeared first on TaxGuru.

Bombay HC Admits Revenue Appeal on Investment Write-Off, Rejects Challenge to Inventory and Bad Debts

CA Sandeep Kanoi — Thu, 06 Aug 2026 10:45:47 +0000

HC dismissed Revenue's challenge to inventory and bad debt write-offs as factual findings but admitted appeals on investment and advance write-offs.

The post Bombay HC Admits Revenue Appeal on Investment Write-Off, Rejects Challenge to Inventory and Bad Debts appeared first on TaxGuru.

Delhi ITAT: Genuine Form 10B Error Not a Bar to Section 11 Exemption; AO to Consider Revised Form

CA Vijayakumar Shetty — Thu, 06 Aug 2026 10:45:18 +0000

Delhi ITAT set aside orders under sections 143(3) and 154, directing the AO to consider revised Form 10B and recompute income after a genuine reporting error.

The post Delhi ITAT: Genuine Form 10B Error Not a Bar to Section 11 Exemption; AO to Consider Revised Form appeared first on TaxGuru.

For Other Person, Date of Search is Date of Handing Over of Seized Material: Delhi ITAT

CA Vijayakumar Shetty — Thu, 06 Aug 2026 10:39:42 +0000

ITAT quashed Section 153C proceedings, holding action impermissible where seized material was handed over after 01.04.2021.

The post For Other Person, Date of Search is Date of Handing Over of Seized Material: Delhi ITAT appeared first on TaxGuru.

Section 148 Notice Quashed as AO Revisited Already Examined Section 10AA Claim: Bombay HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 10:30:45 +0000

Bombay HC quashed reassessment under Sections 147/148, holding reopening of Section 10AA deduction claim was based on change of opinion and invalid reasons.

The post Section 148 Notice Quashed as AO Revisited Already Examined Section 10AA Claim: Bombay HC appeared first on TaxGuru.

Delhi ITAT Remands Reassessment Over Alleged Fraudulent Misuse of PAN and Identity

CA Vijayakumar Shetty — Thu, 06 Aug 2026 10:28:02 +0000

Delhi ITAT remanded reassessment for fresh verification after the assessee alleged fraudulent misuse of his PAN and identity to operate bank accounts.

The post Delhi ITAT Remands Reassessment Over Alleged Fraudulent Misuse of PAN and Identity appeared first on TaxGuru.

Omission of Section 92BA(i) Invalidates Specified Domestic Transfer Pricing Proceedings: Delhi ITAT

TG Team — Thu, 06 Aug 2026 10:19:44 +0000

ITAT allowed the appeal by following earlier decisions holding that transfer pricing proceedings under omitted Section 92BA(i) were unsustainable.

The post Omission of Section 92BA(i) Invalidates Specified Domestic Transfer Pricing Proceedings: Delhi ITAT appeared first on TaxGuru.

Ad Hoc Disallowance Without Rejecting Books Unsustainable: ITAT Delhi

CA Sandeep Kanoi — Thu, 06 Aug 2026 10:15:11 +0000

ITAT Delhi deleted the disallowance of business promotion expenses, holding that ad hoc disallowance without rejecting books and departure from consistent treatment was unjustified.

The post Ad Hoc Disallowance Without Rejecting Books Unsustainable: ITAT Delhi appeared first on TaxGuru.

Delhi ITAT Deletes Section 270A Penalty as AO Failed to Specify Exact Charge of Misreporting

CA Vijayakumar Shetty — Thu, 06 Aug 2026 10:08:47 +0000

Delhi ITAT deleted Section 270A penalty as the AO failed to specify the applicable misreporting clause under Section 270A(9), rendering proceedings invalid.

The post Delhi ITAT Deletes Section 270A Penalty as AO Failed to Specify Exact Charge of Misreporting appeared first on TaxGuru.

CIT(A) Cannot Enhance Income by Introducing Source Not Examined by AO: ITAT Delhi

CA Sandeep Kanoi — Thu, 06 Aug 2026 10:00:08 +0000

ITAT deleted CIT(A)'s enhancement of 1% commission, holding that appellate powers cannot be used to tax a new source of income not examined by the Assessing Officer.

The post CIT(A) Cannot Enhance Income by Introducing Source Not Examined by AO: ITAT Delhi appeared first on TaxGuru.

Delhi ITAT: Section 40(a)(ia) Disallowance Cannot Apply to Interest Capitalised as WIP

CA Vijayakumar Shetty — Thu, 06 Aug 2026 09:54:08 +0000

Delhi ITAT held section 40(a)(ia) cannot disallow interest capitalised as WIP and directed section 201(1A) interest be computed up to deductee's return date.

The post Delhi ITAT: Section 40(a)(ia) Disallowance Cannot Apply to Interest Capitalised as WIP appeared first on TaxGuru.

ITAT Delhi Deletes Section 68 Addition as Unsecured Loan Was Repaid Through Banking Channels

CA Vijayakumar Shetty — Thu, 06 Aug 2026 09:46:37 +0000

ITAT upheld deletion of Sections 68 and 69C additions after noting the unsecured loan was supported by documents and repaid through banking channels.

The post ITAT Delhi Deletes Section 68 Addition as Unsecured Loan Was Repaid Through Banking Channels appeared first on TaxGuru.

ITAT Quashes Reopening After 4 Years as Shortage Claim Was Already Examined

CA Sandeep Kanoi — Thu, 06 Aug 2026 09:45:05 +0000

ITAT quashed reassessment under Sections 147 and 148, holding that reopening beyond four years was based on a mere change of opinion.

The post ITAT Quashes Reopening After 4 Years as Shortage Claim Was Already Examined appeared first on TaxGuru.

Delhi ITAT Deletes Sections 271D & 271E Penalties for Farmers’ Cash Transactions

CA Vijayakumar Shetty — Thu, 06 Aug 2026 09:30:04 +0000

Delhi ITAT deleted sections 271D and 271E penalties, holding cash transactions with farmers were protected by reasonable cause under section 273B.

The post Delhi ITAT Deletes Sections 271D & 271E Penalties for Farmers’ Cash Transactions appeared first on TaxGuru.

Section 148 Notice Quashed as TDS and Expense Claims Were Already Scrutinized: Gujarat HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 09:30:03 +0000

Gujarat HC quashed the Section 148 notice issued beyond four years, holding the reassessment was based on issues already examined during scrutiny assessment.

The post Section 148 Notice Quashed as TDS and Expense Claims Were Already Scrutinized: Gujarat HC appeared first on TaxGuru.

Delhi ITAT: Belated Form 10B Filing Is Procedural; Section 11 Exemption Cannot Be Denied

CA Vijayakumar Shetty — Thu, 06 Aug 2026 09:15:08 +0000

Delhi ITAT held delayed Form 10B filing is procedural, set aside denial of section 11 exemption, and directed fresh consideration on merits.

The post Delhi ITAT: Belated Form 10B Filing Is Procedural; Section 11 Exemption Cannot Be Denied appeared first on TaxGuru.

Managing Partner Liable for Customs Penalty Despite Penalty on Firm: CESTAT Hyderabad

CA Sandeep Kanoi — Thu, 06 Aug 2026 09:15:01 +0000

CESTAT Hyderabad dismissed the appeals, upholding confiscation, redemption fine and penalties after deliberate undervaluation was supported by documentary, electronic and statement evidence.

The post Managing Partner Liable for Customs Penalty Despite Penalty on Firm: CESTAT Hyderabad appeared first on TaxGuru.

GST Council Implements IGST Settlement Reforms Through GST Settlement of Fund Rules, 2026

Editor — Thu, 06 Aug 2026 09:13:33 +0000

GST Council adopted Committee recommendations on IGST settlement, notified GST Settlement of Fund Rules, 2026, and implemented a new SOP for ITC reversals.

The post GST Council Implements IGST Settlement Reforms Through GST Settlement of Fund Rules, 2026 appeared first on TaxGuru.

Government Explains ₹10 Per Litre Excise Duty Cut on Petrol and Diesel

Editor — Thu, 06 Aug 2026 09:13:24 +0000

Government says ₹10 per litre excise duty cut in March 2026 protected consumers, supported OMCs and was managed within fiscal consolidation objectives.

The post Government Explains ₹10 Per Litre Excise Duty Cut on Petrol and Diesel appeared first on TaxGuru.

Finance Ministry Continues Anti-Dumping Duty on Phthalic Anhydride from China & Korea

Editor — Thu, 06 Aug 2026 09:12:13 +0000

Notification No. 20/2026-Customs (ADD) continues anti-dumping duty on Phthalic Anhydride imports from China and Korea for five years.

The post Finance Ministry Continues Anti-Dumping Duty on Phthalic Anhydride from China & Korea appeared first on TaxGuru.

CBDT Procedure for Delayed Income Tax Refund Claims Under Section 119(2)(b)

AJIT SHAH — Thu, 06 Aug 2026 09:04:04 +0000

Article explains delayed income tax refund claims under Section 119(2)(b), CBDT approval limits, eligibility conditions and refund adjustment under Section 245.

The post CBDT Procedure for Delayed Income Tax Refund Claims Under Section 119(2)(b) appeared first on TaxGuru.

Lease of Tinting Machines Is Deemed Sale, Not Liable to Service Tax: CESTAT Mumbai

CA Sandeep Kanoi — Thu, 06 Aug 2026 09:00:58 +0000

CESTAT held leasing of tinting machines constituted a deemed sale liable to VAT, not service tax, and set aside the service tax demand for the post-negative list period.

The post Lease of Tinting Machines Is Deemed Sale, Not Liable to Service Tax: CESTAT Mumbai appeared first on TaxGuru.

Delhi ITAT Quashes Reassessment for Failure to Issue Mandatory Notice under Section 143(2)

CA Vijayakumar Shetty — Thu, 06 Aug 2026 09:00:03 +0000

Delhi ITAT quashed reassessment, holding that failure to issue a mandatory notice under section 143(2) invalidated jurisdiction despite assessment under section 144.

The post Delhi ITAT Quashes Reassessment for Failure to Issue Mandatory Notice under Section 143(2) appeared first on TaxGuru.

ESOP Taxation Guide: Perquisite Tax, Capital Gains and Compliance

CA Vineet Rawat — Thu, 06 Aug 2026 08:58:24 +0000

Reference guide on ESOP taxation covering Sections 17(2)(vi), 45, 49(2AA), Rule 3, TDS, FMV, foreign ESOPs, and reconciliation with AIS and Form 26AS.

The post ESOP Taxation Guide: Perquisite Tax, Capital Gains and Compliance appeared first on TaxGuru.

Limited Liability Partnership – Incorporation and Post Incorporation Procedures

Veda Prakash Mishra — Thu, 06 Aug 2026 08:56:10 +0000

Learn the LLP incorporation process, MCA forms, filing fees, LLP Agreement requirements, and annual compliance including Forms 3, 8 and 11.

The post Limited Liability Partnership – Incorporation and Post Incorporation Procedures appeared first on TaxGuru.

Delhi HC: 10% GST Penalty Appeal Pre-Deposit Cannot Apply Retrospectively

RAMASWAMY SRIVATSAN — Thu, 06 Aug 2026 08:53:26 +0000

Delhi HC held the 10% pre-deposit under amended Sections 107(6) and 112(8) CGST Act cannot retrospectively apply to pre-amendment proceedings.

The post Delhi HC: 10% GST Penalty Appeal Pre-Deposit Cannot Apply Retrospectively appeared first on TaxGuru.

Investment in BARC Does Not Violate Section 11(5) as It Was Policy-Driven, Not Commercial: ITAT Delhi

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:45:54 +0000

ITAT Delhi upheld the assessee's Section 11 exemption and remanded the claims for doubtful debts, gratuity and leave encashment for fresh adjudication.

The post Investment in BARC Does Not Violate Section 11(5) as It Was Policy-Driven, Not Commercial: ITAT Delhi appeared first on TaxGuru.

Possession Under Siege: Reconciling RERA & SARFAESI in India’s Real Estate Disputes

Mihirkumar Patel — Thu, 06 Aug 2026 08:43:06 +0000

Article examines RERA-SARFAESI disputes, key judicial propositions, promoter disclosure duties, and settlement issues in bank recovery cases.

The post Possession Under Siege: Reconciling RERA & SARFAESI in India’s Real Estate Disputes appeared first on TaxGuru.

GST Scrutiny Triggers: 15 Red Flags Every Business Must Fix to Avoid a Notice

gstrajender — Thu, 06 Aug 2026 08:41:02 +0000

Article highlights 15 common GST compliance lapses, reconciliation checks and documentation practices that frequently trigger departmental scrutiny.

The post GST Scrutiny Triggers: 15 Red Flags Every Business Must Fix to Avoid a Notice appeared first on TaxGuru.

Mumbai ITAT: PCIT Cannot Invoke Section 263 on Issues Already Pending Before CIT(A)

CA Vijayakumar Shetty — Thu, 06 Aug 2026 08:35:07 +0000

Mumbai ITAT set aside a section 263 revision, holding the PCIT cannot revise issues already pending before the CIT(A) under Explanation 1(c).

The post Mumbai ITAT: PCIT Cannot Invoke Section 263 on Issues Already Pending Before CIT(A) appeared first on TaxGuru.

CESTAT Awards 12% Interest on Refund of Investigation Deposit, Rejects 6% Rate

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:30:52 +0000

CESTAT held the importer entitled to 12% interest on delayed refund of investigation deposit, following the binding Calcutta High Court decision.

The post CESTAT Awards 12% Interest on Refund of Investigation Deposit, Rejects 6% Rate appeared first on TaxGuru.

Land Division on Society Bifurcation Is Final, MOFA Cannot Reallocate Land: Bombay HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:16:27 +0000

Bombay HC set aside a deemed conveyance order under MOFA, holding the Competent Authority lacked jurisdiction after statutory conveyance on society bifurcation.

The post Land Division on Society Bifurcation Is Final, MOFA Cannot Reallocate Land: Bombay HC appeared first on TaxGuru.

ITAT Deletes ₹17.85 Lakh Addition on Sikkim Land Sale Cash Deposits Under Section 10(26AAA)

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:15:49 +0000

ITAT Kolkata deleted the Section 69A addition after accepting registered sale deeds and holding the assessee entitled to exemption under Section 10(26AAA).

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On-Demand Guarantee Default Arises on First Invocation, Petition Within Limitation: NCLT Mumbai

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:04:47 +0000

NCLT admitted a Section 95 IBC petition against a personal guarantor, holding the application within limitation and initiating the insolvency resolution process.

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Supplies to SEZ May Qualify as Exports for CENVAT Refund: Bombay HC Remands Matter

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:02:48 +0000

Bombay High Court remanded CENVAT credit refund disputes for fresh adjudication after directing authorities to consider CBEC Circular dated 28.04.2015.

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No Evidence of Accommodation Entry, Section 10(38) Exemption Allowed: ITAT Mumbai

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:01:43 +0000

ITAT allowed Section 10(38) exemption after holding that documented share transactions could not be treated as bogus under Sections 68 and 69C without supporting evidence.

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ITAT Delhi Sets Aside Section 153C Assessments Due to Common Section 153D Approval

CA Sandeep Kanoi — Thu, 06 Aug 2026 08:00:16 +0000

ITAT quashed Section 153C assessments for AYs 2004-05 to 2010-11, holding that common mechanical approval under Section 153D vitiated the assessments.

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Reassessment Notice Issued by JAO Instead of NFAC Remitted Back to HC for Fresh Consideration: SC

CA Sandeep Kanoi — Thu, 06 Aug 2026 07:48:28 +0000

SC remitted the Section 148 notice dispute to the High Court for fresh adjudication in light of its earlier orders dated 10.04.2026 and 04.05.2026.

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ITAT Order Must Be Judged by Law Prevailing When Passed, Not Later Amendment: Telangana HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 07:46:55 +0000

Telangana HC rejected the Revenue's appeal, holding the ITAT order was consistent with the law prevailing when it was passed and raised no substantial question of law.

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Section 13 Cannot Be Invoked to Deny Section 12A Registration: Gujarat HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 07:45:44 +0000

Gujarat HC dismissed the Revenue's appeal, holding that Section 13(1)(b) cannot be invoked while considering grant of registration under Section 12A.

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RBI Invites Public Comments on Draft On-Tap Licensing Framework for Urban Co-operative Banks

Editor — Thu, 06 Aug 2026 07:40:07 +0000

RBI has released draft guidelines for on-tap licensing of Urban Co-operative Banks and invited public comments until 05 September 2026.

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DGFT Extends i-CAS-Halal Implementation Timeline for Meat Exports to Egypt

Editor — Thu, 06 Aug 2026 07:39:49 +0000

DGFT Notification No. 28/2026-27 extends the i-CAS-Halal transition period for specified meat exports to Egypt from six to nine months.

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ROC Chennai Imposes ₹7 Lakh Penalty on Port City Nidhi for NRC Composition Default

Editor — Thu, 06 Aug 2026 07:38:33 +0000

ROC Chennai imposed penalties under Section 178(8) for non-compliant Nomination and Remuneration Committee composition despite subsequent rectification.

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ROC Imposes ₹4.09 Lakh Penalty on Space Link Consultancy for Financial Statement Filing Default

Editor — Thu, 06 Aug 2026 07:36:41 +0000

ROC Cuttack penalised a company and its directors under Section 137(3) for failure to file FY 2021-22 financial statements within the prescribed period.

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ROC Delhi Imposes ₹5.5 Crore Penalty on Hindustan Coca-Cola Holdings for Section 42 Violation

Editor — Thu, 06 Aug 2026 07:34:56 +0000

ROC Delhi II penalised a company, directors and promoters for accepting private placement subscription money from a non-subscriber bank account.

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Incidental Rental Income Used for Charitable Objects Does Not Deny Sections 11 & 12 Exemption: ITAT Chandigarh

CA Sandeep Kanoi — Thu, 06 Aug 2026 07:30:42 +0000

ITAT upheld exemption under Sections 11 and 12, holding rental income, CEO remuneration, FCRA receipts and grant accounting did not justify denial of charitable status.

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Mumbai ITAT: Reassessment Beyond Three Years Quashed; Escaped Income Below ₹50 Lakh

CA Vijayakumar Shetty — Thu, 06 Aug 2026 07:17:50 +0000

Mumbai ITAT quashed reassessment as alleged escaped income was below ₹50 lakh and notice under section 148 lacked valid sanction under section 151.

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RTO Can Cancel Vehicle Registration Obtained Using Fake Documents: Karnataka HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 07:15:54 +0000

Karnataka HC allowed the State’s appeal, upheld the vehicle seizure proceedings, and restored cancellation of registration obtained on allegedly fabricated documents.

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Co-op Housing Society Entitled to Section 80P(2)(d) Deduction on Bank Interest: ITAT Mumbai

CA Sandeep Kanoi — Thu, 06 Aug 2026 07:00:51 +0000

ITAT condoned delay, restored the appeal on merits, and allowed Section 80P(2)(d) deduction on interest earned from investments with cooperative banks.

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Delhi ITAT: Section 153C Assessment Quashed; Assumed Higher Assured Returns-Based On-Money Addition Deleted

CA Vijayakumar Shetty — Thu, 06 Aug 2026 07:00:50 +0000

Delhi ITAT quashed section 153C assessments and deleted section 69 on-money additions, holding no incriminating material or cogent evidence existed.

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RBI Keeps Repo Rate at 5.25%, Announces Major Banking Reforms Amid Global Uncertainty

CA Sandeep Kanoi — Thu, 06 Aug 2026 06:52:28 +0000

RBI Keeps Repo Rate Unchanged at 5.25% Amid Global Uncertainty; Announces Major Banking Reforms The Reserve Bank of India (RBI), in its Monetary Policy Committee (MPC)…

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Family Disputes & Mental Distress Are Valid Grounds for Delay Condonation: ITAT Delhi

CA Sandeep Kanoi — Thu, 06 Aug 2026 06:45:32 +0000

ITAT remanded a delayed appeal in a Section 271B penalty matter, directing CIT(A) to reconsider condonation after considering COVID limitation relief and family disputes.

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No Coercive Income Tax Recovery After 7-Year Delay in Appeal Disposal: Andhra Pradesh HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 06:30:48 +0000

Andhra Pradesh HC directed disposal of a pending income tax appeal within four months and restrained coercive recovery until the appeal is decided.

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Delhi ITAT: Genuine Depreciation Claim Cannot Be Denied for Schedule DPM Omission

CA Vijayakumar Shetty — Thu, 06 Aug 2026 06:27:36 +0000

Delhi ITAT allowed depreciation despite Schedule DPM omission, holding a genuine section 32 claim cannot be denied due to a technical error.

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Delhi ITAT: Section 12AB Registration Cannot Be Cancelled for Engaging Builder for Staff Housing Project

CA Vijayakumar Shetty — Thu, 06 Aug 2026 06:17:56 +0000

Delhi ITAT restored 12AB registration, holding builder engagement for a staff housing project was not a specified violation under section 12AB(4).

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GST Assessment Set Aside As Officer Ignored Assessee’s Accident: Andhra Pradesh HC

CA Sandeep Kanoi — Thu, 06 Aug 2026 06:15:45 +0000

Andhra Pradesh HC set aside a GST assessment order after finding the officer proceeded despite being informed of the taxpayer's accident and remanded the matter.

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Delhi ITAT: Enhanced Security Expenses During Directors’ Dispute Are Allowable Business Expenditure

CA Vijayakumar Shetty — Thu, 06 Aug 2026 06:08:10 +0000

Delhi ITAT deleted the Section 37(1) disallowance of watch and ward expenses, holding additional security due to director disputes was allowable.

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Freight Concession Under LWIS Not Taxable as Supply of Tangible Goods Service: CESTAT Hyderabad

CA Sandeep Kanoi — Thu, 06 Aug 2026 06:00:43 +0000

CESTAT held that freight concession under the Liberalized Wagon Investment Scheme is a policy incentive, not consideration for taxable service, and set aside service tax demands.

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Alleged Commission Addition Cannot Rest on Loose Third-Party Papers & WhatsApp Chats: ITAT Delhi

CA Vijayakumar Shetty — Thu, 06 Aug 2026 05:58:06 +0000

Delhi ITAT deleted alleged commission additions, holding loose third-party papers and WhatsApp chats unrelated to the relevant years could not sustain them.

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