Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Sovereign Wealth Funds seeking exemption under Schedule V of the Income-tax Act, 2025 must file Form I for notification and then file quarterly Form II statements for each investment within one month from quarter-end, together with return of income and audit report. SWFs already notified under the 1961 Act need not file a fresh Form I, but must still submit quarterly Form II statements. CBDT also requires the prescribed data structure, verification standards and security protocols for the forms. The circular takes effect from 1 April 2026 and applies from tax year 2026-27 onward.
Sovereign Wealth Funds seeking exemption under Schedule V of the Income-tax Act, 2025 must file Form I for notification and then file quarterly Form II statements for each investment within one month from quarter-end, together with return of income and audit report. SWFs already notified under the 1961 Act need not file a fresh Form I, but must still submit quarterly Form II statements. CBDT also requires the prescribed data structure, verification standards and security protocols for the forms. The circular takes effect from 1 April 2026 and applies from tax year 2026-27 onward.
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