Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Rule 128 of the Income-tax Rules, 2026 is amended to exclude from Chapter XI any income from transfer of investments made before 1 April 2017 by the same person, where such income accrues, arises, or is deemed to accrue, arise, or be received. The amended rule also clarifies that Chapter XI applies to arrangements regardless of when entered into if the tax benefit is obtained on or after 1 April 2017, except for the specified pre-2017 investment transfer income. The amendment comes into force on 1 April 2026.
Rule 128 of the Income-tax Rules, 2026 is amended to exclude from Chapter XI any income from transfer of investments made before 1 April 2017 by the same person, where such income accrues, arises, or is deemed to accrue, arise, or be received. The amended rule also clarifies that Chapter XI applies to arrangements regardless of when entered into if the tax benefit is obtained on or after 1 April 2017, except for the specified pre-2017 investment transfer income. The amendment comes into force on 1 April 2026.
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