Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
The Central Government notified that specified income of a High Court legal services committee constituted under the Legal Services Authorities Act is exempt under section 10(46) of the Income-tax Act: (a) court-imposed costs, (b) grants from central or state governments and government agencies for statutory purposes, and (c) interest on bank deposits. Exemption is subject to conditions: no commercial activity, unchanged activities and income character, and filing returns under section 139(4C)(g). The notification operates retrospectively for assessment years 2023-24 to 2025-26 and applies to 2026-27 and 2027-28; no adverse effects are certified.
The Central Government notified that specified income of a High Court legal services committee constituted under the Legal Services Authorities Act is exempt under section 10(46) of the Income-tax Act: (a) court-imposed costs, (b) grants from central or state governments and government agencies for statutory purposes, and (c) interest on bank deposits. Exemption is subject to conditions: no commercial activity, unchanged activities and income character, and filing returns under section 139(4C)(g). The notification operates retrospectively for assessment years 2023-24 to 2025-26 and applies to 2026-27 and 2027-28; no adverse effects are certified.
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TaxTMI 
TaxTMI 
