N/Acorporatetax
Amendments to CSR Rules Allowing New Instruments
The MCA has amended Schedule VII of the Companies Act to include Zero Coupon Zero Principal Instruments in CSR, broadening avenues for social contribution.
Jun 2, 2026Read more →
Legal News & Insights
AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
Tax Law News
CESTATtax
Limitation for Rule 5 Refund Runs from End of Quarter for FIRC Receipt: CESTAT
The CESTAT clarified that the limitation period for claiming refunds under Rule 5 begins at the end of the quarter in which the Foreign Inward Remittance Certificate (FIRC) is received. This emphasizes the significance of the FIRC date in service export validation.
Jun 2, 2026Read more →
Delhi High Courttax
Delhi HC Rules on Turnover Comparison for TP Analysis
The Delhi High Court determined that a company with a turnover of ₹86 lakh cannot be equated with American Express’s ₹782 crore turnover for transfer pricing analysis. The ruling underscores the importance of scale in financial comparisons.
Jun 1, 2026Read more →
Karnataka High Courttax
Karnataka HC Remands Motorola Mobility Case on Income Tax Act Amendment
The Karnataka High Court has remanded the challenge against the retrospective amendment of Section 147A of the Income Tax Act back to a single judge for consideration. The assessee has been granted four weeks to explore the validity of the amendment, while the Revenue has three weeks for a response.
Jun 1, 2026Read more →
Delhi High Courtcorporatetax
Delhi HC Rules Turnover Disparity Affects TP Analysis Comparisons
The Delhi HC ruled that a company's ₹86 lakh ITeS turnover cannot be compared with American Express's ₹782 crore turnover for transfer pricing analysis due to the significant scale differences. This ruling impacts how companies approach transfer pricing assessments in India.
May 31, 2026Read more →
Income Tax Appellate Tribunaltax
Validity of S.148 Notice by JAO Remanded for Fresh Adjudication by ITAT
The ITAT ruled that reassessment proceedings through Section 148 of the Income Tax Act issued by the Jurisdictional Assessing Officer (JAO) necessitate remand for fresh adjudication. This decision highlights the procedural importance of adherence to established protocols in tax assessments.
May 31, 2026Read more →
Delhi High Courttaxcorporate
Delhi HC Clarifies Company Expenses Are Not Personal Expenditure
The Delhi High Court ruled that expenses like phones and cars incurred by companies cannot be deemed personal expenditure. This ruling overturns a previous income tax disallowance, affirming that companies, as separate legal entities, do not incur personal expenses unlike individuals.
May 30, 2026Read more →
Delhi High Courttax
Phone & Car Expenses of Company Are Not 'Personal Expenditure': Delhi HC Reverses IT Disallowance
Delhi High Court ruled that company expenses such as phone and car are business-related and not personal, reversing previous income tax disallowance. This distinction highlights the unique nature of corporate expenditures compared to individual assessments.
May 30, 2026Read more →
Income Tax Appellate Tribunaltax
ITAT Quashes Section 263 Revision Beyond Show-Cause Notice Scope
The ITAT ruled that the Principal Commissioner of Income Tax (PCIT) exceeded jurisdiction by raising new issues not included in the show-cause notice. This ruling is critical for delineating the boundaries of PCIT authority.
May 30, 2026Read more →
Income Tax Appellate Tribunaltax
ITAT Quashes Reassessment for Incorrect Section 148 Notice
The Income Tax Appellate Tribunal (ITAT) quashed a reassessment notice issued under Section 148, determining it was based on incorrect facts and assumptions. The ruling highlights the necessity of accurate representation of facts in reassessment proceedings.
May 30, 2026Read more →
Reserve Bank of Indiacorporatetax
Service Exporters to File Monthly EDF Under New FEMA Regulations from October 2026
Under new FEMA regulations, service exporters will be required to file monthly EDF declarations starting October 2026. Non-compliance may impact eBRC generation and GST refunds.
May 29, 2026Read more →
Kerala High Courttaxconstitutional
Kerala HC Quashes Denial of Input Tax Credit for Timely Return Filers
The Kerala High Court has quashed an order denying input tax credit, ruling that taxpayers who filed their returns within the extended cut-off date are entitled to the credit under Section 16(5). This decision clarifies statutory entitlements regarding timely filings.
May 29, 2026Read more →
Income Tax Appellate Tribunaltax
ITAT Allows Housing Loan Interest as Cost of Acquisition
The ITAT ruled that housing loan interest is allowable as part of cost of acquisition for calculating capital gains if it has not been claimed under Section 24(b).
May 29, 2026Read more →