Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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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