Authority for Advance Rulings (Income Tax) v. Tiger Global International Holdings II, III & IV
Supreme Court of India | DECISION Analytical Video : Introduction The dispute arose from the sale of shares of Indian companies by several investment entities belonging to the Tiger Global Group, which were incorporated and tax resident in Mauritius. The Tiger Global entities claimed exemption from capital gains tax in India under the India–Mauritius Double […]
Chennai Container Terminal Pvt. Ltd. v. Assistant Commissioner of Income-tax & Ors.
Bombay High Court Quashes Reassessment Notice Beyond Four Years: Full Disclosure Bars Reopening Under Section 147 Introduction In a landmark judgment delivered on 16 June 2026, the Bombay High Court in Chennai Container Terminal Pvt. Ltd. v. Assistant Commissioner of Income-tax reaffirmed one of the most important safeguards available to taxpayers against reassessment proceedings under […]
Prakash Bhaguji Katkade v. Income Tax Officer (ITAT Mumbai)
CASE STUDY Detailed Analysis of ITAT Mumbai Decision Case Citation Prakash Bhaguji Katkade v. ITO Decision by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ANAYLITICAL VIDEO 1. Facts of the Case Mr. Prakash Bhaguji Katkade, along with another co-owner, purchased a residential flat from the Cosmos Group for a registered consideration of ₹72 […]
KISHOR KUMAR MOOLANI v. STATE OF RAJASTHAN & ORS – RAJASTHAN HIGH COURT
High Court, Rajasthan Maneesh Sharma, Justice KISHOR KUMAR MOOLANI v. STATE OF RAJASTHAN & ORS S.B. CRIMINAL MISCELLANEOUS BAIL APPLICATION No. 7338/2025 dated 18.06.2025 Law : GST Act Name : Central Goods & Services Tax Act, 2017 Relevant Section : Section 132 Decision : In favour of assessee Bail application – Tax evasion – Bogus supply – Judicial custody […]
INCOME TAX ACT 2025
CHAPTER I: Preliminary Section 1: Title, Extent & Commencement Name: This law is called the Income-tax Act. Coverage: It applies across all of India. Effective Date: Unless stated otherwise, it will begin on 1st April 2026. Section 2: Key Definitions Roles & Authorities Accountant: Defined in section 515(3)(b). Additional Commissioner/Director: Senior tax officials appointed under […]
CHAPTER-14 TRANSITIONAL PROVISIONS
Rule-117 Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day (1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the […]
CHAPTER-8 ACCOUNTS AND RECORDS
CHAPTER OUTLINES Assessment under GST is centered on the principle of self-assessment. Every registered person shall himself assess the tax payable by him for a tax period and, after such assessment, shall file the return required under section 39 of the CGST Act, 2017. For the purpose of proper self-assessment, every person registered under the GST Act […]
Penalty and Compliance FAQs for Professionals
Quick Reference Box Default Penalty / Consequence Section Under-reporting of income 50% of tax on under-reported income 270A Misreporting of income 200% of tax on under-reported income 270A(9) Cash loan above ₹20,000 received 100% of amount received 271D Cash loan above ₹20,000 repaid 100% of amount repaid 271E Cash receipt above ₹2 lakh 100% of […]
Assessment and Notice FAQs for Professionals
Quick Reference Box Notice Type Section Time Limit for Reply Governing Act Reassessment show-cause 148A(b) 7–30 days IT Act 1961 (old AYs) Scrutiny selection 143(2) As specified IT Act 1961 / IT Act 2025 Information demand 142(1) As specified (usually 15–30 days) Governing Act for that AY Third-party information 133(6) As specified Governing Act for […]
Capital Gains FAQs for Tax Year 2026-27
Quick Reference Box Asset Holding Period (LTCG) LTCG Rate STCG Rate Listed equity / equity MF 12 months 12.5% (gains > ₹1.25 lakh) 20% Property (sold after 23 July 2024) 24 months 12.5% (no indexation) Slab rate Property (purchased before 23 July 2024) 24 months Lower of: 12.5% (no indexation) OR 20% (with indexation) Slab […]