Judgement

The tribunal agreed with CIT(A)'s findings, observing that once the company converted into an LLP, it was deemed to be removed from the ROC records

Reassessment Proceeding Initiated Against Non-existent Company is Invalid: ITAT Delhi

ITAT Ahmedabad deleted the Rs. 1.61 crore penalty, holding that a fully disclosed but unsustainable claim does not amount to furnishing inaccurate particulars.

ITAT Deletes Rs 1.61 Crore Penalty, Says Incorrect but Disclosed Claim Not ‘Inaccurate Particulars’

The High Court set aside the order and directed the tax authorities to share the material forming the basis of the reassessment with the petitioners within one week.

Allahabad HC Quashes Reassessment Proceedings for Not Sharing Evidence Used to Reopen Case

Notifications

Govt amends Income-tax Rules 1962 to require financial institutions to report holdings of crypto, CBDCs, and digital money products as financial assets starting January 1, 2026.

Income Tax Rules 2026: Financial Institutions Must Report Crypto and Digital Currency Holdings

Search Assessment Year Must Be Included While Computing 10-Year Block Under Section 153A

HC: Reopening for Assessment Year Invalid as It Falls Outside 10-Year Limit in Search Cases

News

Even though the tax demand has reduced, SBI Life said it will continue with its appeal before the Commissioner of Income Tax (Appeals).

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Reassessment Proceeding Initiated Against Non-existent Company is Invalid: ITAT Delhi

ITAT Deletes Rs 1.61 Crore Penalty, Says Incorrect but Disclosed Claim Not ‘Inaccurate Particulars’

Allahabad HC Quashes Reassessment Proceedings for Not Sharing Evidence Used to Reopen Case

Income Tax Rules 2026: Financial Institutions Must Report Crypto and Digital Currency Holdings

HC: Reopening for Assessment Year Invalid as It Falls Outside 10-Year Limit in Search Cases

SBI Life Gets Major Relief as Tax Demand Slashed from Rs 5,317 Crore to Rs 471 Crore