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Safema v. ACIT — Unaccounted Cash with Unexplained Source Held as Benami Property Under Sections 2(8) & 2(26) of the Benami Act
Facts of the CaseIn Safema v. ACIT, unaccounted cash of significant
value was seized from the assessee during an inquiry. The source of the cash
was unexplained, and there were no documents to establish legal ownership...
Vidhya Vati Mishra vs Addl/JCIT (A), Noida – Condonation of Delay in Filing Form 10B and Exemption under Sections 11 & 12 of Income-tax Act, 1961
Facts of the Case:The assessee, Vidhya Vati Mishra, was a
charitable/religious entity claiming exemption under Sections 11 and 12 of
the Income-tax Act, 1961. For the relevant assessment year 2017-18, the
assessee was...
“Reconciling Form 26AS/AIS Before ITR Filing Mandatory — Interpretation Under Sec. 139(1), Sec. 143(1) & Sec. 274: ABC v. CIT (Year) on Mismatched Data Notices”
FACTS OF THE CASEIn ABC v. CIT (Year), the taxpayer filed ITR for AY
2026‑27 without reconciling income entries in Form 26AS/AIS/TIS with actual
income reported. The notice under Sec. 143(1) and Sec. 274 was issued f...
LLP vs Registrar of Companies (MCA) | Non‑Filing of LLP Form‑11 Annual Return | Statutory Compliance under Section 35 of the LLP Act, 2008
Facts of the Compliance MatterAll Limited Liability Partnerships (LLPs) registered in India
are required to file LLP Form‑11 (Annual Return) with the Registrar of
Companies (ROC) under Section 35 of the Limited Lia...
OECD vs. Global Tax Avoidance: Consolidated Commentary to GloBE Rules (2026) – Guidance on Global Anti‑Base Erosion Model Rules & Administrative Guidance
FACTS OF THE “CASE” Publication: OECD – Tax Challenges Arising from the
Digitalisation of the Economy – Consolidated Commentary to the Global Anti‑Base
Erosion (GloBE) Model Rules (2026).
The Organisa...
Manoj Lachhmandas Jagwani vs ACIT – DVO-Based Property Valuation Cannot Sustain Penalty Under Section 270A | ITAT Mumbai 2017-18
Facts of the CaseThe assessee, Manoj Lachhmandas Jagwani, engaged in a
transaction involving immovable property. During assessment proceedings, the Assessing
Officer (AO) referred the property valuation to the Departme...
Directorate General of Goods and Services Tax Intelligence (HQS) & Ors. vs Gameskraft Technologies (P) Ltd. & Ors. – Constitutional Validity of GST on Online Gaming, Fantasy Sports, Poker, Rummy under Sections 2(31), 2(52), 7, 9 & 15 of CGST Act
Facts of the CaseThe dispute involved the levy of GST on online
gaming platforms, including fantasy sports, poker, rummy, and other games where
players stake money on uncertain outcomes. Gaming companies argued that:
...
Ajay Gupta vs DCIT – Deletion of Section 68 and 69C Additions in Penny-Stock Capital Gains Case (Income Tax Act, 1961)
Facts of the Case:The assessee, Ajay Gupta, purchased and sold shares of
a listed company, resulting in substantial long-term capital gains. During
assessment, the assessee furnished complete documentary evidence, incl...
The revised Code of Ethics (13th edition)- Volume-I, II & III is applicable with effect from April 01, 2026 except for the s.no. (xxxi)
ICAI Code
of Ethics (13th Edition) – Volume I (Domestic Provisions) – Detailed Key
HighlightsThe 13th
Edition of ICAI Code of Ethics Volume-I is applicable from 1 April 2026.
It contains domestic provisions under...
Kunal Traders vs. State of Karnataka: Key Takeaways from the High Court of Karnataka (Dharwad Bench) on GST Compliance
Assessee got favourable ITC unblocking order, but Department issued rectification beyond 6 months; Karnataka High Court quashed rectification and SCN as time-barred and without jurisdiction.Whether a rectification order ...