Section 147A: Supreme Court Stays Ruling Striking It Down – Reassessment Proceedings Also Frozen   The controversy surrounding Section 147A of the Income-tax Act, 1961 has now reached the Supreme Court, and the interim order has significant implications for pending reassessment proceedings. On 18 September 2026, a Bench comprising Justice J.B. Pardiwala and Justice K….

Capital Gains: One Rate, Many Rules!   “What is the capital gains tax rate?” It sounds like a simple question. And, for Long Term Capital Gains (LTCG), the answer is broadly simple: 12.5%. But when it comes to Short Term Capital Gains (STCG), the answer depends upon the asset and the applicable special provisions. The…

Income Tax Demand Recovery: Can the AO Attach Your Bank Account While Your Appeal Is Pending?     Yes – potentially. Filing an appeal does not, by itself, put the tax demand into suspended animation. This is one of the most misunderstood aspects of income-tax litigation. An assessee may have filed an appeal against an…

Updated ITR: Can CPC Charge Section 234B Interest Beyond the Date of Tax Payment?   Ahmedabad ITAT Says Interest Under Section 234B Cannot Be Extended Merely Up to the Date of Section 143(1) Intimation The Updated Income-tax Return facility under Section 139(8A) was introduced to give taxpayers an opportunity to voluntarily correct omissions and pay the additional…

Section 69C Cannot Apply When Source of Payment Is Known   ITAT Hyderabad Says Failure to Explain Purpose or Destination of Payment Is Not the Same as Failure to Explain Its Source Section 69C is often invoked by the Income-tax Department whenever an Assessing Officer finds expenditure which, in his view, has not been satisfactorily…