Section 148A Notice Without Information Is Invalid: Bombay HC Quashes Reassessment in Grasim Industries Case     Bare Disclosure of Transaction Amount Is Not Enough; Proportionate Rights Issue at Below FMV Does Not Automatically Trigger Section 56(2)(x) Reassessment proceedings cannot be initiated merely by issuing a notice containing a transaction amount and supplying the actual…

Income-tax Act, 2025: Your Old Tax Losses Won’t Disappear-but There’s a Catch!     The Income-tax Act, 1961 has been replaced. But what happens to tax losses accumulated under the old law? Can a business loss incurred under the Income-tax Act, 1961 still be carried forward and set off after the Income-tax Act, 2025 comes…

Income Tax Department Likely to Send Notices Over Undisclosed Foreign Property     Foreign Property Disclosures Under Scanner as Tax Department Receives Information from Overseas Jurisdictions Owning a house, apartment, land or other immovable property outside India may be perfectly legal. But failing to disclose the foreign asset, explain its source of investment and report…

ITAT E-Filing Mandatory from 1 October 2026: Appeals Not Filed on Portal Will Not Be Registered   ITAT e-filing has now become mandatory from 1 October 2026. Taxpayers, Chartered Accountants, tax professionals and the Income Tax Department will have to present appeals before the Income Tax Appellate Tribunal through the prescribed ITAT e-filing portal. An…

Audit Objection Alone Cannot Justify Reopening Beyond Three Years: Sikkim High Court     An audit objection may be “information” under Section 148, but it cannot automatically become the “new evidence” required to reopen an assessment beyond three years. Reassessment proceedings have increasingly become an area of concern for taxpayers, particularly where completed assessments are…