Leave Encashment After Absorption in PSU: ITAT Allows Full Section 10(10AA) Exemption     Nature of Benefit, Not Status of Employer at Retirement, Determines Section 10(10AA) Exemption What happens when a government employee is absorbed into a Public Sector Undertaking and later retires? Does the employee lose the tax exemption available on leave encashment merely…

LTCG Cannot Be Treated as Bogus Merely Because Share Prices Rose Sharply: ITAT Ahmedabad     LTCG supported by broker, bank and demat records cannot be treated as an accommodation entry merely on the basis of an Investigation Wing report and an abnormal rise in share price, without a money trail or a direct link…

Eight GST Circulars That Every Taxpayer Should Know: CBIC Clarifies Registration, Appeals, ITC and Export Refunds     CBIC Circulars dated 26 October 2026 bring major clarity on GST registration, adjudication, appeals, pre-deposit, ISD, banking-sector ITC, demo vehicles and export refunds The Central Board of Indirect Taxes and Customs (CBIC) has issued a significant series…

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…