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    Tag: Income Tax Act 1961

    Notice Issued Beyond 10 Years Is Time-Barred: Delhi HC Quashes Income Tax Reassessment Proceedings for AY 2015–16
    Notice Issued Beyond 10 Years Is Time-Barred: Delhi HC Quashes Income Tax Reassessment Proceedings for AY 2015–16
    High CourtLatest news

    Notice Issued Beyond 10 Years Is Time-Barred: Delhi HC Quashes Income Tax Reassessment Proceedings for AY 2015–16

    Delhi High Court quashed a Section 148 reassessment notice for AY 2015-16, holding it time-barred beyond statutory limits. The court held post-April 1, 2021 search-based reassessments must follow pre-Finance Act Section 153C timelines, rendering the notice legally unsustainable therefore.

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    New Income Tax Act, 2025 to Replace 1961 Law from April 1, 2026: FM Sitharaman Announces Major Tax Reform
    New Income Tax Act, 2025 to Replace 1961 Law from April 1, 2026: FM Sitharaman Announces Major Tax Reform
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    India’s New Income Tax Rules Effective From April 1, 2026: Full Breakdown for Taxpayers

    India will implement its new Income Tax framework from April 1, 2026, replacing the 1961 law to simplify provisions and modernise compliance. Announced by Finance Minister Nirmala Sitharaman, the overhaul aims to align taxation with India’s evolving economic landscape.

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    Supreme Court Split Verdict in International Tax Case Involving Foreign Drilling Firms, Larger Bench to Decide
    Supreme Court Split Verdict in International Tax Case Involving Foreign Drilling Firms, Larger Bench to Decide
    Supreme Court

    Supreme Court Split Verdict in International Tax Case Involving Foreign Drilling Firms, Larger Bench to Decide

    The Supreme Court delivered a split verdict on the Revenue’s appeal against a Bombay HC ruling in a high-stakes tax dispute involving foreign drilling companies. Conflicting views on Sections 144C and 153 of the Income Tax Act now push the matter to a larger bench.

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