TaxGuru.in - Daily Newsletter

Karnataka HC Quashed Reassessment as It Was Based on Mere Change of Opinion

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:54:40 +0000

Karnataka High Court held that reopening a completed scrutiny assessment without fresh tangible material is impermissible as it amounts to a change of opinion.

The post Karnataka HC Quashed Reassessment as It Was Based on Mere Change of Opinion appeared first on TaxGuru.

Section 14A Disallowance Remanded as AO Failed to Compute Actual Expenditure

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:53:48 +0000

Karnataka High Court held that Section 14A disallowance must be based on actual expenditure and remanded the matter for fresh computation.

The post Section 14A Disallowance Remanded as AO Failed to Compute Actual Expenditure appeared first on TaxGuru.

Section 14A Disallowance Not Allowed as No Exempt Income Was Earned

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:53:27 +0000

Delhi High Court ruled that expenditure cannot be disallowed under Section 14A unless exempt income is actually earned in the relevant year.

The post Section 14A Disallowance Not Allowed as No Exempt Income Was Earned appeared first on TaxGuru.

Pending Winding-Up Proceedings Do Not Bar Independent Section 7 IBC Application Unless Irreversible Stage Is Reached: SC

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:52:26 +0000

Supreme Court held that a Section 7 IBC application can proceed despite pending winding-up proceedings where no irreversible stage has been reached.

The post Pending Winding-Up Proceedings Do Not Bar Independent Section 7 IBC Application Unless Irreversible Stage Is Reached: SC appeared first on TaxGuru.

Capital Gains from Sale of Multiple Residential Houses Eligible for Section 54 Exemption If Invested in One Residential House

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:46:44 +0000

ITAT held that Section 54 permits exemption where capital gains from more than one residential house are invested in a single residential house.

The post Capital Gains from Sale of Multiple Residential Houses Eligible for Section 54 Exemption If Invested in One Residential House appeared first on TaxGuru.

Unsecured Loans from Paper Entities Are Unexplained Cash Credits u/s 68: ITAT Mumbai

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:45:31 +0000

ITAT confirmed additions under Section 68 after relying on earlier findings that the lender companies provided accommodation entries.

The post Unsecured Loans from Paper Entities Are Unexplained Cash Credits u/s 68: ITAT Mumbai appeared first on TaxGuru.

DCF Share Valuation Accepted as AO Could Not Replace Prescribed Method with NAV

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:43:59 +0000

ITAT held that an Assessing Officer cannot substitute the DCF method chosen under Rule 11UA with the NAV method without legal justification.

The post DCF Share Valuation Accepted as AO Could Not Replace Prescribed Method with NAV appeared first on TaxGuru.

ITAT Deletes Section 68 Addition as Assessee Proved Identity, Creditworthiness & Genuineness

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:42:58 +0000

ITAT deleted Section 68 additions after finding that the assessee established investor identity, creditworthiness and transaction genuineness with documentary evidence.

The post ITAT Deletes Section 68 Addition as Assessee Proved Identity, Creditworthiness & Genuineness appeared first on TaxGuru.

Section 10A Deduction Allowed Before Chapter VI Computation as Benefit Is Undertaking-Specific

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:39:51 +0000

Supreme Court held that Section 10A is a deduction provision, but the deduction must be allowed while computing the eligible undertaking's gross total income under Chapter IV.

The post Section 10A Deduction Allowed Before Chapter VI Computation as Benefit Is Undertaking-Specific appeared first on TaxGuru.

Housing Societies Are Not Courts, Cannot Decide Flat Ownership or Title Disputes: Bombay HC

CA Sandeep Kanoi — Fri, 03 Jul 2026 15:09:28 +0000

Bombay HC held societies only recognize members for administration, not title. Membership cannot be denied over unresolved ownership claims.

The post Housing Societies Are Not Courts, Cannot Decide Flat Ownership or Title Disputes: Bombay HC appeared first on TaxGuru.

Economic Offence under BNSS and its Link with Section 132 of CGST Act

S PRASAD — Fri, 03 Jul 2026 10:34:56 +0000

The article explains how BNSS governs arrest, bail, and trial procedures, while Section 132 of the CGST Act prescribes GST offences and punishments.

The post Economic Offence under BNSS and its Link with Section 132 of CGST Act appeared first on TaxGuru.

FCRA Amendment Rules, 2026: A New Era of Compliance for NGOs

CA Samaksh Gupta — Fri, 03 Jul 2026 10:27:55 +0000

The new Rules tighten compliance for NGOs through activity-specific registration, stricter disclosures, financial conditions, and enhanced accountability in foreign funding.

The post FCRA Amendment Rules, 2026: A New Era of Compliance for NGOs appeared first on TaxGuru.

MOOWR Scheme: A Game Changer for Indian Manufacturers

Nitesh Jain — Fri, 03 Jul 2026 10:07:04 +0000

The article explains how the MOOWR Scheme allows manufacturers to defer customs duty and IGST while detailing eligibility, compliance, licensing, and operational requirements.

The post MOOWR Scheme: A Game Changer for Indian Manufacturers appeared first on TaxGuru.

ITAT Allows Section 80JJAA Deduction as One-Day Delay in Form 10DA Was Procedural

CA Sandeep Kanoi — Fri, 03 Jul 2026 09:55:38 +0000

ITAT Jaipur held that a one-day delay in filing Form 10DA could not defeat a Section 80JJAA deduction when the form was on record before the Section 143(1) intimation.

The post ITAT Allows Section 80JJAA Deduction as One-Day Delay in Form 10DA Was Procedural appeared first on TaxGuru.

Compliance Calendar for the Month of July 2026

muthukumarancs — Fri, 03 Jul 2026 09:50:47 +0000

The calendar includes Companies Compliance Facilitation Scheme benefits and notes that Form DPT-3 may be filed up to 31 July 2026 without additional fees.

The post Compliance Calendar for the Month of July 2026 appeared first on TaxGuru.

Annual General Meeting Compliance Calendar for Listed Companies

Jyoti Mittal — Fri, 03 Jul 2026 09:45:22 +0000

This guide provides a complete AGM compliance tracker covering pre-AGM, AGM-day, post-AGM, and IEPF obligations under the Companies Act and SEBI LODR Regulations. It helps listed companies comply with statutory timelines and avoid regulatory lapses.

The post Annual General Meeting Compliance Calendar for Listed Companies appeared first on TaxGuru.

Bombay HC Comes Down Heavily On Slapping Of Cases On Those Who Protest

Sanjeev Sirohi — Fri, 03 Jul 2026 09:40:54 +0000

The Bombay High Court held that merely organising protests or morchas against government decisions cannot justify externment. It ruled that authorities must establish genuine threats to public safety before restricting constitutional freedoms.

The post Bombay HC Comes Down Heavily On Slapping Of Cases On Those Who Protest appeared first on TaxGuru.

Why Physical Verification Is Essential Despite ERP-Based Fixed Asset Register

gsttaxmantra — Fri, 03 Jul 2026 09:40:06 +0000

The article explains why ERP records alone cannot establish asset existence and why physical verification remains essential for accurate asset management and audit compliance.

The post Why Physical Verification Is Essential Despite ERP-Based Fixed Asset Register appeared first on TaxGuru.

Cyber Crime Police Cannot Freeze Entire Bank Account Without Specifying Amount: Allahabad HC

CA Sandeep Kanoi — Fri, 03 Jul 2026 09:29:34 +0000

Allahabad HC ruled that cyber crime investigations must comply with BNSS requirements, including furnishing the FIR and specifying the lien amount.

The post Cyber Crime Police Cannot Freeze Entire Bank Account Without Specifying Amount: Allahabad HC appeared first on TaxGuru.

Cyber Crime Police Can Freeze Bank Account Without Prior Court Permission: Allahabad HC

CA Sandeep Kanoi — Fri, 03 Jul 2026 09:27:20 +0000

Allahabad HC held that a bank lawfully froze an account on cyber crime investigation directions and advised the petitioner to pursue statutory remedies.

The post Cyber Crime Police Can Freeze Bank Account Without Prior Court Permission: Allahabad HC appeared first on TaxGuru.

Builder Cannot Deny Proportionate Deemed Conveyance Merely Due to TDR Use: Bombay HC

CA Sandeep Kanoi — Fri, 03 Jul 2026 09:21:50 +0000

Bombay HC held that where TDR is used across all buildings, proportionate land conveyance based on built-up area is permissible despite TDR utilisation.

The post Builder Cannot Deny Proportionate Deemed Conveyance Merely Due to TDR Use: Bombay HC appeared first on TaxGuru.

Bombay HC Upholds Disqualification of CHS Office-Bearers for Withholding Meeting Records

CA Sandeep Kanoi — Fri, 03 Jul 2026 09:17:35 +0000

Bombay HC upheld five-year disqualification after finding failure to supply committee meeting minutes within the statutory period under the MCS Act.

The post Bombay HC Upholds Disqualification of CHS Office-Bearers for Withholding Meeting Records appeared first on TaxGuru.

CCI Rejects Bid-Rigging Allegations Against Godrej, Says High Tender Win Rate Alone Cannot Prove Collusion

CA Sandeep Kanoi — Fri, 03 Jul 2026 09:13:56 +0000

CCI held no prima facie violation of Sections 3 or 4 as dominance, collusion, and anti-competitive agreements were not established, leading to closure under Section 26(2).

The post CCI Rejects Bid-Rigging Allegations Against Godrej, Says High Tender Win Rate Alone Cannot Prove Collusion appeared first on TaxGuru.

Chennai Customs notified procedure for generating Transshipment Bonds

editor4 — Fri, 03 Jul 2026 09:10:32 +0000

Importers and Customs Brokers must submit complete TP Bond applications with supporting documents, failing which processing may be delayed until deficiencies are rectified.

The post Chennai Customs notified procedure for generating Transshipment Bonds appeared first on TaxGuru.

IBBI proposes amendments to CIRP, Liquidation & Personal Guarantor Regulations

editor3 — Fri, 03 Jul 2026 08:59:29 +0000

IBBI has proposed amendments to CIRP, Liquidation, and Personal Guarantor Regulations to improve valuation, clarify RP duties, simplify liquidation, and align regulations with the IBC Amendment Act, 2026.

The post IBBI proposes amendments to CIRP, Liquidation & Personal Guarantor Regulations appeared first on TaxGuru.

Ship-to GSTIN Mandatory from 1st August 2026

CA MEET JADAWALA — Fri, 03 Jul 2026 08:10:48 +0000

GSTN has made Ship-to GSTIN mandatory for specified e-Way Bill and e-Invoice transactions from 1 August 2026 to improve traceability and system-based verification.

The post Ship-to GSTIN Mandatory from 1st August 2026 appeared first on TaxGuru.

Maharashtra Overhauls Co-operative Housing Society Rules

TG Team — Fri, 03 Jul 2026 07:05:52 +0000

Maharashtra Overhauls Co-operative Housing Society Rules: New Norms for Membership, Nomination, Charges, Funds, AGM, Redevelopment and Recovery Introduction The Government of Maharashtra, through the Co-operation, Marketing and Textiles Department, has notified the Maharashtra Co-operative Societies (Amendment) Rules, 2026 on 18 June 2026, making extensive changes to the Maharashtra Co-operative Societies Rules, 1961. The amendment has […]

The post Maharashtra Overhauls Co-operative Housing Society Rules appeared first on TaxGuru.

Maharashtra Co-operative Societies (Amendment) Rules, 2026

editor8 — Fri, 03 Jul 2026 07:02:07 +0000

Maharashtra has overhauled the Co-operative Societies Rules by introducing a dedicated framework for housing societies covering registration, governance, redevelopment, recovery, and member rights. The amendments also replace several outdated provisions.

The post Maharashtra Co-operative Societies (Amendment) Rules, 2026 appeared first on TaxGuru.

Retrospective Supplier GST Registration Cancellation Alone Cannot Deny ITC: Madras HC

a2zbimaljain — Fri, 03 Jul 2026 06:53:10 +0000

The Madras High Court held that retrospective cancellation of a supplier's GST registration alone is insufficient to deny ITC. Authorities must first verify whether the recipient has established genuine supplies through documentary evidence.

The post Retrospective Supplier GST Registration Cancellation Alone Cannot Deny ITC: Madras HC appeared first on TaxGuru.

Madras HC Quashes GST Assessment Order Passed Against Deceased Assessee

a2zbimaljain — Fri, 03 Jul 2026 06:49:31 +0000

The Madras High Court quashed a GST assessment order issued nearly four years after the assessee's death. It held that proceedings against a deceased person are legally unsustainable and fresh action must be initiated against the legal heirs.

The post Madras HC Quashes GST Assessment Order Passed Against Deceased Assessee appeared first on TaxGuru.

Lower / Nil TDS Certificate for NRI Payments: Form 128 & Form 129

CA VARUN GUPTA — Fri, 03 Jul 2026 06:42:02 +0000

This guide explains when NRIs should use Form 128 and when payers should use Form 129 to reduce or eliminate excess TDS. It also clarifies the role of Form 15CA/15CB in remittance compliance.

The post Lower / Nil TDS Certificate for NRI Payments: Form 128 & Form 129 appeared first on TaxGuru.

Profit Below 6%: Has New Law Changed Old Section 44AD–44AB Principle?

CA Lalit Munoyat — Fri, 03 Jul 2026 06:37:47 +0000

The article argues that Section 58(3) of the Income-tax Act, 2025 does not independently mandate books of account or tax audit for profits below 6%. It concludes that compliance should continue to depend on the conditions and turnover limits under Sections 62 and 63.

The post Profit Below 6%: Has New Law Changed Old Section 44AD–44AB Principle? appeared first on TaxGuru.

TPO Cannot Compare Captive IT Service Provider With IP-Owning Risk-Bearing Companies: ITAT Mumbai

divyarathi — Fri, 03 Jul 2026 06:35:40 +0000

Transfer pricing principles dictate that a captive, risk-mitigated service provider could not be benchmarked against full-fledged, risk-bearing entrepreneurs, companies owning substantial intellectual property, or those generating revenue through software products.

The post TPO Cannot Compare Captive IT Service Provider With IP-Owning Risk-Bearing Companies: ITAT Mumbai appeared first on TaxGuru.

Senior Citizen/ Super Senior Citizen – Income Tax Benefits allowable

Editor — Fri, 03 Jul 2026 06:10:10 +0000

This guide explains the tax deductions, TDS relief, advance tax exemption, and return filing benefits available to senior and super senior citizens under the Income-tax Act. It highlights the key concessions available to eligible taxpayers.

The post Senior Citizen/ Super Senior Citizen – Income Tax Benefits allowable appeared first on TaxGuru.

Armed Forces- Income Tax Benefits and Allowances Under Section 10(14)

Editor — Fri, 03 Jul 2026 06:01:09 +0000

This guide explains the tax exemptions available to Armed Forces personnel under Section 10(14) for serving in difficult, high-risk, and remote locations. It outlines the exemption limits and eligibility conditions for each allowance.

The post Armed Forces- Income Tax Benefits and Allowances Under Section 10(14) appeared first on TaxGuru.

CBDT Grants Section 10(46) Tax Exemption to Mussoorie Dehradun Development Authority

editor2 — Fri, 03 Jul 2026 05:57:06 +0000

CBDT has notified tax exemption for specified income of the Mussoorie Dehradun Development Authority under section 10(46). The notification prescribes eligibility conditions and grants retrospective benefit for AYs 2022-23 and 2023-24.

The post CBDT Grants Section 10(46) Tax Exemption to Mussoorie Dehradun Development Authority appeared first on TaxGuru.

Benefit to Non-Residents under Income Tax Act, 1961

TG Team — Fri, 03 Jul 2026 05:52:42 +0000

This guide explains the tax exemptions, concessional tax rates, presumptive taxation schemes, and compliance benefits available to non-residents and foreign companies under the Income-tax Act. It serves as a comprehensive reference for AY 2026-27.

The post Benefit to Non-Residents under Income Tax Act, 1961 appeared first on TaxGuru.

Income Tax Benefits to Residents & Indian Companies

TG Team — Fri, 03 Jul 2026 05:41:45 +0000

This guide explains the exclusive tax benefits, deductions, exemptions, concessional tax regimes, and compliance relief available to resident persons and Indian companies under the Income-tax Act. It provides a comprehensive reference for AY 2026-27.

The post Income Tax Benefits to Residents & Indian Companies appeared first on TaxGuru.

ICAI Warns CAs Against Extremely Low Fee Quotes in Tenders

TG Team — Fri, 03 Jul 2026 05:39:29 +0000

ICAI Warns CAs Against Extremely Low Fee Quotes in Tenders; Matter May Be Referred for Disciplinary Action The Professional Development Committee of the Institute of Chartered Accountants of India (ICAI) has issued an important announcement dated 2 July 2026 regarding the quoting of professional fees by Chartered Accountants and CA firms in tenders. The announcement […]

The post ICAI Warns CAs Against Extremely Low Fee Quotes in Tenders appeared first on TaxGuru.

Tax Benefits Guide for Salaried Employees for AY 2026-27

TG Team — Fri, 03 Jul 2026 05:30:57 +0000

This guide explains the tax benefits, deductions, presumptive taxation schemes, and compliance relaxations available to small businessmen under the Income-tax Act. It provides a practical overview of the provisions applicable for AY 2026-27.

The post Tax Benefits Guide for Salaried Employees for AY 2026-27 appeared first on TaxGuru.

Common Grounds for Initiation of Proceedings under GST Law

mukesh5076 — Fri, 03 Jul 2026 05:23:27 +0000

This article explains the twelve most common reasons for GST Show Cause Notices, the applicable legal provisions, available taxpayer defenses, and the importance of natural justice.

The post Common Grounds for Initiation of Proceedings under GST Law appeared first on TaxGuru.

SEBI’S Fast-Track AIF Framework & Shift Toward Intermediary Accountability

Pankaj Singh Karki — Fri, 03 Jul 2026 05:21:56 +0000

SEBI's 2026 fast-track AIF framework shifts responsibility from regulatory pre-approval to merchant bankers and fund managers. The article explains the benefits, risks, and investor protection challenges.

The post SEBI’S Fast-Track AIF Framework & Shift Toward Intermediary Accountability appeared first on TaxGuru.

SEBI Launches Settlement Helpdesk to Simplify Filing of Settlement Applications

Editor — Fri, 03 Jul 2026 05:14:26 +0000

SEBI has introduced a Settlement Helpdesk to assist applicants with filing settlement applications, computing indicative amounts, and tracking application status. The facility aims to simplify procedural compliance while providing informal, non-binding guidance.

The post SEBI Launches Settlement Helpdesk to Simplify Filing of Settlement Applications appeared first on TaxGuru.

SC‘s concern over nexus of ARCs, Banks & Borrowers in a big banking fraud

T.R. Radhakrishnan — Fri, 03 Jul 2026 05:13:39 +0000

The Supreme Court agreed to examine allegations that bank dues were settled at steep discounts through ARCs, while clarifying that it has expressed no opinion on the merits. The case highlights concerns over banking fraud and public money.

The post SC‘s concern over nexus of ARCs, Banks & Borrowers in a big banking fraud appeared first on TaxGuru.

July 2026 Compliance Calendar: Don’t Miss Due Dates

Divesh Goyal — Fri, 03 Jul 2026 05:10:05 +0000

This guide lists all major July 2026 due dates under Income Tax, GST, FEMA, PF, ESI, and the Companies Act. It helps taxpayers and businesses meet compliance deadlines and avoid interest, penalties, and late fees.

The post July 2026 Compliance Calendar: Don’t Miss Due Dates appeared first on TaxGuru.

Delhi HC Awards ₹18.44 Lakh to Father for Son’s Custodial Death

Sanjeev Sirohi — Fri, 03 Jul 2026 05:07:52 +0000

The Delhi High Court held that an unnatural death in police custody attracts constitutional liability under Article 21, even if caused by suicide. It awarded Rs. 18.44 lakh compensation, emphasizing the State's duty to protect persons in custody.

The post Delhi HC Awards ₹18.44 Lakh to Father for Son’s Custodial Death appeared first on TaxGuru.

Bombay HC Sets Aside ITAT Order For Failing To Decide Challenge To Faceless Assessment Procedure

CA Sandeep Kanoi — Fri, 03 Jul 2026 05:06:00 +0000

Bombay High Court held that non-compliance with Section 144B raised a jurisdictional issue requiring ITAT adjudication and set aside its order.

The post Bombay HC Sets Aside ITAT Order For Failing To Decide Challenge To Faceless Assessment Procedure appeared first on TaxGuru.

Gujarat HC Refuses to Enhance CBDT Informant Reward as Calculation Was Not Arbitrary

CA Sandeep Kanoi — Fri, 03 Jul 2026 05:02:06 +0000

Gujarat High Court ruled that CBDT's expert assessment of informant rewards is not open to judicial recalculation absent arbitrariness.

The post Gujarat HC Refuses to Enhance CBDT Informant Reward as Calculation Was Not Arbitrary appeared first on TaxGuru.

Gujarat HC Quashes Reassessment as Warranty Provision Was Scientifically Estimated

CA Sandeep Kanoi — Fri, 03 Jul 2026 05:00:45 +0000

The Gujarat High Court held that a scientifically determined warranty provision qualified for consideration under settled legal principles and could not justify reopening. It quashed the reassessment after finding the Assessing Officer ignored the Supreme Court's ruling and ICDS provisions.

The post Gujarat HC Quashes Reassessment as Warranty Provision Was Scientifically Estimated appeared first on TaxGuru.

Online Gaming Addition Deleted as Records Showed Net Loss Instead of Winnings

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:59:38 +0000

ITAT Hyderabad deleted the Section 115BB addition after holding that the gaming platform's records showed a net loss, not taxable winnings.

The post Online Gaming Addition Deleted as Records Showed Net Loss Instead of Winnings appeared first on TaxGuru.

ITAT quahes ₹1.5 Lakh Penalty as Failure to Obtain Tax Audit Was Not Deliberate

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:58:01 +0000

ITAT Chennai held that the assessees bona fide belief, based on the Departments consistent acceptance of interest income as Income from Other Sources, amounted to reasonable cause under Section 273B. The penalty under Section 271B was deleted.

The post ITAT quahes ₹1.5 Lakh Penalty as Failure to Obtain Tax Audit Was Not Deliberate appeared first on TaxGuru.

NCLT Admits Insolvency Petition Because No Genuine Pre-Existing Dispute Was Established

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:48:57 +0000

NCLT admitted the Section 9 petition after holding that campaign-related emails did not constitute a genuine pre-existing dispute.

The post NCLT Admits Insolvency Petition Because No Genuine Pre-Existing Dispute Was Established appeared first on TaxGuru.

ITAT Restricts Bogus Purchase Addition as Only Profit Element Can Be Taxed

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:46:38 +0000

ITAT held that where sales are accepted, the entire purchase amount cannot be added. The addition was restricted to 8% as the embedded profit element.

The post ITAT Restricts Bogus Purchase Addition as Only Profit Element Can Be Taxed appeared first on TaxGuru.

SVLDRS Benefit Denied as Service Tax Was Not Quantified Before 30 June 2019

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:44:57 +0000

Gujarat High Court held SVLDRS relief unavailable as service tax was not quantified before 30 June 2019. Partial admission during inquiry was insufficient.

The post SVLDRS Benefit Denied as Service Tax Was Not Quantified Before 30 June 2019 appeared first on TaxGuru.

NCLT Admits Section 7 Petition as OTS Acknowledged Debt & Extended Limitation

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:43:31 +0000

NCLT Amaravati held that the corporate debtor's OTS proposals constituted acknowledgments of debt, giving rise to a fresh limitation period. The Tribunal admitted the Section 7 petition after finding the debt and default established.

The post NCLT Admits Section 7 Petition as OTS Acknowledged Debt & Extended Limitation appeared first on TaxGuru.

Excise Rebate Only on Goods Exported as per Shipping Bills; No Benefit for Moisture Loss: Gujarat HC

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:38:54 +0000

Gujarat High Court held rebate is available only on goods actually exported as reflected in shipping bills. Moisture loss without prior declaration cannot increase rebate.

The post Excise Rebate Only on Goods Exported as per Shipping Bills; No Benefit for Moisture Loss: Gujarat HC appeared first on TaxGuru.

Section 54/54F Exemption Allowed despite Non-CGAS Deposit if Sale Proceeds Invested in House on Time

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:36:17 +0000

ITAT held that exemption under Sections 54/54F cannot be denied where sale proceeds are invested in a residential house within the prescribed period.

The post Section 54/54F Exemption Allowed despite Non-CGAS Deposit if Sale Proceeds Invested in House on Time appeared first on TaxGuru.

BSNL VRS-2019 Compensation Exempt as Retrenchment Compensation: ITAT Pune

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:34:06 +0000

ITAT held BSNL VRS-2019 compensation is retrenchment compensation under Section 10(10B), exempt from tax, and reversed the CIT(A)'s order.

The post BSNL VRS-2019 Compensation Exempt as Retrenchment Compensation: ITAT Pune appeared first on TaxGuru.

Indexed Cost Can’t Be Reduced When Entire Property Rights Are Surrendered: ITAT Pune

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:29:25 +0000

ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate restriction by the AO.

The post Indexed Cost Can’t Be Reduced When Entire Property Rights Are Surrendered: ITAT Pune appeared first on TaxGuru.

ITAT Deletes ₹75 Lakh Addition Due to Absence of Evidence of Property Sale

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:25:55 +0000

ITAT deleted the ₹75 lakh capital gains addition after holding the Revenue failed to produce conclusive evidence proving any property sale.

The post ITAT Deletes ₹75 Lakh Addition Due to Absence of Evidence of Property Sale appeared first on TaxGuru.

CESTAT Delhi Upholds Recovery of Excise Duty as Cenvat Credit Was Not Available on 30 June 2017

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:25:00 +0000

CESTAT ruled that wrongly availed CENVAT credit could not discharge June 2017 excise liability and sustained duty recovery with interest.

The post CESTAT Delhi Upholds Recovery of Excise Duty as Cenvat Credit Was Not Available on 30 June 2017 appeared first on TaxGuru.

ITAT Delhi Restricts Section 69 Addition as Unsupported Extrapolation Lacked Evidence

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:22:06 +0000

ITAT held that multiplying a seized figure without supporting evidence was unjustified and restricted the Section 69 addition to the actual amount recorded.

The post ITAT Delhi Restricts Section 69 Addition as Unsupported Extrapolation Lacked Evidence appeared first on TaxGuru.

Pending NCLAT Appeal Not a Bar to Swiss Challenge Auction as OTS Was Already Rejected: Madras HC

CA Sandeep Kanoi — Fri, 03 Jul 2026 04:17:46 +0000

Madras HC held that a pending NCLAT appeal did not prevent PNB from conducting a Swiss Challenge auction after the OTS proposal was rejected.

The post Pending NCLAT Appeal Not a Bar to Swiss Challenge Auction as OTS Was Already Rejected: Madras HC appeared first on TaxGuru.

ITAT Allows LTCL as Revenue Took Contradictory View on Identical Facts

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:59:27 +0000

ITAT held that identical LTCL claims for co-owners of the same property cannot receive conflicting tax treatment and allowed the loss claim.

The post ITAT Allows LTCL as Revenue Took Contradictory View on Identical Facts appeared first on TaxGuru.

ITAT Quashes Section 153C Order as Composite Satisfaction Note Lacked Year-Wise Bifurcation

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:55:53 +0000

ITAT held a composite satisfaction note without year-wise incriminating material invalid under Section 153C and quashed the assessment order.

The post ITAT Quashes Section 153C Order as Composite Satisfaction Note Lacked Year-Wise Bifurcation appeared first on TaxGuru.

Section 10AA Deduction Cannot Be Denied as CA Filed Wrong Form: ITAT Ahmedabad

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:53:42 +0000

ITAT held that filing Form 56G instead of Form 56F was a rectifiable procedural error and directed reconsideration of the Section 10AA claim.

The post Section 10AA Deduction Cannot Be Denied as CA Filed Wrong Form: ITAT Ahmedabad appeared first on TaxGuru.

Forex loss from ECB & capital transactions is non-operating for TP purposes

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:51:51 +0000

ITAT held forex loss from ECB and capital transactions is non-operating for TP purposes and directed recomputation of PLI.

The post Forex loss from ECB & capital transactions is non-operating for TP purposes appeared first on TaxGuru.

Higher Employee Remuneration Cannot Be Rejected Solely Due to Lower Revenue

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:50:18 +0000

ITAT held that increased employee remuneration cannot be disallowed merely because business revenue declined where the expenditure is justified and supported.

The post Higher Employee Remuneration Cannot Be Rejected Solely Due to Lower Revenue appeared first on TaxGuru.

Section 43CA Inapplicable to Property Transactions Initiated Before 1 April 2014: ITAT Mumbai

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:47:19 +0000

ITAT held Section 43CA did not apply as the flats were booked before the provision became effective, deleting the addition based on stamp duty value.

The post Section 43CA Inapplicable to Property Transactions Initiated Before 1 April 2014: ITAT Mumbai appeared first on TaxGuru.

Recovery Stayed as Section 154 Order Was Passed Without Prior Notice: Calcutta HC

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:44:25 +0000

High Court restrained tax recovery, holding the Section 154 order prima facie breached natural justice by withdrawing exemption without notice.

The post Recovery Stayed as Section 154 Order Was Passed Without Prior Notice: Calcutta HC appeared first on TaxGuru.

Books of Accounts Cannot Be Rejected for Suspicion or Low Profit Rate: ITAT Ahmedabad

CA Sandeep Kanoi — Fri, 03 Jul 2026 03:42:59 +0000

ITAT ruled that personal savings account credits require proof of business nexus before being treated as turnover. The income addition and penalties were deleted.

The post Books of Accounts Cannot Be Rejected for Suspicion or Low Profit Rate: ITAT Ahmedabad appeared first on TaxGuru.

CBDT Condones Form 10AB Filing Delay as Genuine Hardship Affected 80G Renewal

editor4 — Fri, 03 Jul 2026 02:44:43 +0000

Exercising powers under Section 119(2)(b), CBDT has condoned delays in Form 10AB filing for eligible cases. The Circular does not grant automatic approval under Section 80G.

The post CBDT Condones Form 10AB Filing Delay as Genuine Hardship Affected 80G Renewal appeared first on TaxGuru.

Mandatory Capture of Ship-to Field & Voluntary Closure of E-Way Bill: FAQs

editor7 — Fri, 03 Jul 2026 02:40:39 +0000

GSTN has clarified mandatory Ship-to GSTIN requirements, API changes and voluntary e-Way Bill closure before the proposed 1 August 2026 rollout.

The post Mandatory Capture of Ship-to Field & Voluntary Closure of E-Way Bill: FAQs appeared first on TaxGuru.

ITAT Jaipur Quashes Section 271D Penalty as It Was Barred by Limitation

CA Sandeep Kanoi — Fri, 03 Jul 2026 02:37:21 +0000

ITAT held the Section 271D penalty was time-barred under Section 275(1)(c) as it was imposed after the prescribed limitation period.

The post ITAT Jaipur Quashes Section 271D Penalty as It Was Barred by Limitation appeared first on TaxGuru.

ITAT Quashes Section 271D Penalty as AO Failed to Record Satisfaction

CA Sandeep Kanoi — Fri, 03 Jul 2026 02:36:19 +0000

ITAT held that penalty under Section 271D cannot survive where the Assessing Officer failed to record satisfaction in the assessment order.

The post ITAT Quashes Section 271D Penalty as AO Failed to Record Satisfaction appeared first on TaxGuru.

Section 271D Penalty Deleted Due to Absence of Satisfaction in Assessment Order

CA Sandeep Kanoi — Fri, 03 Jul 2026 02:35:13 +0000

ITAT held that penalty under Section 271D is invalid where the Assessing Officer failed to record satisfaction in the assessment order.

The post Section 271D Penalty Deleted Due to Absence of Satisfaction in Assessment Order appeared first on TaxGuru.

ITAT Deletes Section 271D Penalty as AO Failed to Record Satisfaction

CA Sandeep Kanoi — Fri, 03 Jul 2026 02:34:08 +0000

ITAT held that penalty under Section 271D cannot survive where the Assessing Officer failed to record satisfaction in the assessment order.

The post ITAT Deletes Section 271D Penalty as AO Failed to Record Satisfaction appeared first on TaxGuru.

Bombay HC Restores GST Registration as Returns Were Missed During COVID

CA Sandeep Kanoi — Fri, 03 Jul 2026 02:33:24 +0000

Bombay High Court restored GST registration after finding return defaults occurred during the COVID period, subject to payment of dues, interest and late fees.

The post Bombay HC Restores GST Registration as Returns Were Missed During COVID appeared first on TaxGuru.

Service Tax Demand Quashed as Trading Turnover Was wrongly Treated as Taxable

CA Sandeep Kanoi — Fri, 03 Jul 2026 02:32:01 +0000

CESTAT set aside the Service Tax demand after finding that trading turnover was wrongly treated as taxable service and VAT records were ignored.

The post Service Tax Demand Quashed as Trading Turnover Was wrongly Treated as Taxable appeared first on TaxGuru.

12% Interest Allowed as Service Tax Was Paid Under Mistake of Law: CESTAT Kolkata

CA Sandeep Kanoi — Fri, 03 Jul 2026 02:31:01 +0000

CESTAT held Sections 11B and 11BB inapplicable as the refunded amount was not Service Tax, directing payment of 12% interest on delayed refunds.

The post 12% Interest Allowed as Service Tax Was Paid Under Mistake of Law: CESTAT Kolkata appeared first on TaxGuru.

IRDAI Extends Transitional Arrangements Until 31st August 2026

editor7 — Fri, 03 Jul 2026 02:30:44 +0000

IRDAI has extended transitional arrangements for annual fee payment and registration certificates until 31 August 2026 or notification of amended regulations, whichever is earlier.

The post IRDAI Extends Transitional Arrangements Until 31st August 2026 appeared first on TaxGuru.

Appeals under Income-tax Act 2025 Vs. Income-tax Act, 1961

casuyashandco — Thu, 02 Jul 2026 13:42:06 +0000

Sections 356-374 restructure appellate provisions with clearer drafting while retaining the existing appeal hierarchy and taxpayer remedies.

The post Appeals under Income-tax Act 2025 Vs. Income-tax Act, 1961 appeared first on TaxGuru.

Assessment under Section 270 of Income Tax Act, 2025

casuyashandco — Thu, 02 Jul 2026 13:37:41 +0000

Section 270 of the Income-tax Act, 2025 consolidates return processing and scrutiny assessment into one framework while introducing mandatory pre-adjustment communication and clearer procedural safeguards for taxpayers.

The post Assessment under Section 270 of Income Tax Act, 2025 appeared first on TaxGuru.

Income Escaping Assessment & Related Sections: Income Tax Act 2025

casuyashandco — Thu, 02 Jul 2026 13:35:41 +0000

The law permits reassessment only where the Assessing Officer has information indicating escaped income and follows the prescribed statutory procedure, approvals, and time limits.

The post Income Escaping Assessment & Related Sections: Income Tax Act 2025 appeared first on TaxGuru.

Section 268 – Inquiry before Assessment under Income Tax Act, 2025

casuyashandco — Thu, 02 Jul 2026 13:33:25 +0000

Section 268 of the Income-tax Act, 2025 brings inquiry, information gathering and special audit provisions into one structured framework with safeguards.

The post Section 268 – Inquiry before Assessment under Income Tax Act, 2025 appeared first on TaxGuru.

Section 271D Penalty Cannot Survive Without Recorded Satisfaction: Gujarat HC

CA Sandeep Kanoi — Thu, 02 Jul 2026 13:19:54 +0000

Gujarat High Court upheld deletion of the Section 271D penalty, holding that absence of recorded satisfaction in the assessment order made the penalty unsustainable.

The post Section 271D Penalty Cannot Survive Without Recorded Satisfaction: Gujarat HC appeared first on TaxGuru.

No Satisfaction in Assessment Order: ITAT Surat Quashes Section 271D Penalty

CA Sandeep Kanoi — Thu, 02 Jul 2026 13:17:56 +0000

ITAT Surat held that absence of satisfaction in the assessment order invalidated the Section 271D penalty, following the Supreme Court's ruling.

The post No Satisfaction in Assessment Order: ITAT Surat Quashes Section 271D Penalty appeared first on TaxGuru.

Employees Need Not Pay Tax Again if Employer Failed to Deposit TDS: ITAT Kolkata

Anita Bhadra — Thu, 02 Jul 2026 13:10:47 +0000

ITAT Kolkata held that employees should not bear tax liability again where TDS was deducted but not deposited by the employer.

The post Employees Need Not Pay Tax Again if Employer Failed to Deposit TDS: ITAT Kolkata appeared first on TaxGuru.

Section 153C Notices Quashed as Satisfaction Note Was Recorded Nearly 10 Months Late

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 13:06:09 +0000

Bombay High Court held Section 153C notices invalid as the satisfaction note was not recorded immediately after the searched person's assessment.

The post Section 153C Notices Quashed as Satisfaction Note Was Recorded Nearly 10 Months Late appeared first on TaxGuru.

Bombay HC Dismissed Revenue Appeal as It Did Not Challenge CIT(A)’s Order

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 13:04:25 +0000

Bombay High Court dismissed the Revenue's appeal, holding it could not challenge the ITAT's addition after not appealing the CIT(A)'s order.

The post Bombay HC Dismissed Revenue Appeal as It Did Not Challenge CIT(A)’s Order appeared first on TaxGuru.

Employer Not Liable to Refund TDS Due to Non-Filing of Form 10E: Madras HC

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 13:02:45 +0000

The Madras High Court ruled that employers cannot grant Section 89 relief or refund TDS unless employees submit Form 10E under Section 192(2A). Employees must claim eligible refunds by filing their income-tax returns.

The post Employer Not Liable to Refund TDS Due to Non-Filing of Form 10E: Madras HC appeared first on TaxGuru.

Foreign Tax Credit Cannot Be Denied Solely Due to Belated Form 67: ITAT Kolkata

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 13:01:59 +0000

ITAT held that delayed filing of Form 67 is a procedural lapse and directed the AO to grant foreign tax credit claimed under Section 90.

The post Foreign Tax Credit Cannot Be Denied Solely Due to Belated Form 67: ITAT Kolkata appeared first on TaxGuru.

Delay in Filing Form 10B Condoned as Covid-19 Caused Genuine Hardship: Orissa HC

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 13:00:06 +0000

Orissa High Court held that Covid-19 constituted genuine hardship, directed Form 10B to be treated as filed in time, and ordered reconsideration of Section 12A exemption.

The post Delay in Filing Form 10B Condoned as Covid-19 Caused Genuine Hardship: Orissa HC appeared first on TaxGuru.

ITAT Deletes GST Refund Addition as Tax Was Not Claimed as Expenditure

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 12:58:11 +0000

ITAT held that GST refund is not taxable where the tax component was never claimed as expenditure and was recorded as a receivable.

The post ITAT Deletes GST Refund Addition as Tax Was Not Claimed as Expenditure appeared first on TaxGuru.

Section 54 Exemption Must Be Computed Asset-Wise as Each House Transfer Is a Separate Source of Capital Gain: ITAT Bangalore

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 12:57:12 +0000

ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple transfers is not permitted.

The post Section 54 Exemption Must Be Computed Asset-Wise as Each House Transfer Is a Separate Source of Capital Gain: ITAT Bangalore appeared first on TaxGuru.

Bogus Purchase Questions Left Open After Revenue Appeal Rejected for Low Tax Effect

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 12:51:08 +0000

The High Court declined to examine bogus purchase issues after holding the Revenue's appeal not maintainable due to low tax effect.

The post Bogus Purchase Questions Left Open After Revenue Appeal Rejected for Low Tax Effect appeared first on TaxGuru.

Section 11 Exemption Cannot Be Denied as Form 10B Was Filed Before Return Processing: ITAT Jaipur

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 12:47:19 +0000

ITAT held that delayed filing of Form 10B cannot defeat Section 11 exemption if the audit report is available before processing under Section 143(1). The adjustment was deleted.

The post Section 11 Exemption Cannot Be Denied as Form 10B Was Filed Before Return Processing: ITAT Jaipur appeared first on TaxGuru.

ITAT Deletes Additions as AO Made No Independent Inquiry Beyond ACB Information

CA AJAY KUMAR AGRAWAL — Thu, 02 Jul 2026 12:45:39 +0000

ITAT deleted additions after finding the AO relied only on ACB information without independent inquiry or supporting evidence. ITAT deleted additions after holding that estimated marriage expenses and FDR investment were unsupported by evidence and explanations remained unchallenged.

The post ITAT Deletes Additions as AO Made No Independent Inquiry Beyond ACB Information appeared first on TaxGuru.

Liquidated Damages & Compensation for Contract Breach Not Liable to Service Tax

CA Sandeep Kanoi — Thu, 02 Jul 2026 12:06:22 +0000

CESTAT Delhi held that penalties, liquidated damages and forfeiture of deposits recovered for contractual breaches are not consideration for a declared service under Section 66E(e). The service tax demand, interest and penalty were set aside.

The post Liquidated Damages & Compensation for Contract Breach Not Liable to Service Tax appeared first on TaxGuru.

Retrospective GST Cancellation Cannot Deny ITC Without Evidence Against Bona Fide Buyers

S PRASAD — Thu, 02 Jul 2026 12:03:26 +0000

The article explains why retrospective GST cancellation alone should not result in ITC denial where buyers have complied with Section 16(2) and maintained records.

The post Retrospective GST Cancellation Cannot Deny ITC Without Evidence Against Bona Fide Buyers appeared first on TaxGuru.