Procedural Lapse Cannot Defeat Substantive Tax Benefit: Telangana High Court Restores Section 115BAA Benefit Despite Delay in Filing Form 10-IC   A Landmark Judgment on “Genuine Hardship”, Condonation of Delay under Section 119(2)(b), and Liberal Interpretation of Beneficial Tax Provisions In tax administration, one of the most debated questions is whether a taxpayer should lose…

ITR Filed? Don’t Relax Yet! What Every Taxpayer Should Do After Filing the Return     For millions of taxpayers, clicking the “Submit Return” button feels like crossing the finish line. In reality, it is only the end of the first lap. Filing the Income-tax Return fulfils one important responsibility, but it also marks the…

Section 263 Cannot Override Section 153A for Unabated Years Without Incriminating Material: Bombay High Court Reaffirms Abhisar Buildwell Principle   PCIT v. Surendra L. Hiranandani (Bombay High Court, 2026) – A Landmark Decision on Section 263, Section 153A & Search Assessments Search and seizure assessments under Section 153A of the Income-tax Act have always been one of…

Why Is Your Tax Software Still Computing Indexation? It May Actually Be Saving You Tax   If you have recently sold a plot of land or a building acquired many years ago, you may have noticed something rather puzzling while preparing your Income Tax Return. Your tax software is still calculating the Indexed Cost of…

Redeveloped Flat Sold Soon After Possession? ITAT Holds Holding Period Starts from Development Agreement, Not Possession Date Urban redevelopment has become a common feature across metropolitan cities, particularly Mumbai. Thousands of flat owners surrender their old premises to developers and receive larger redeveloped flats after completion of the project. One recurring tax question in such…