News & Updates Latest Tax newsDelhi HC Upholds ICAI Decision Closing Misconduct Complaint Against CA Over Alleged Access to Taxpayer's Income Tax Account [Read Order] September 30, 2026ICAI Board of Discipline’s decision was found to be a plausible view based on the evidence and the writ court declined to reappreciate the material merely because another view was possible. Proceedings founded upon omitted provision would not survive in the Absence of a Savings clause: ITAT reiterates [Read Order] September 30, 2026Reference was made to General Finance Company v. ACIT (2002) and judgment in Kolhapur Cane Sugar Works Limited v. UOI (2000). SVLDRS Declaration cannot be Rejected Merely because Quantification Notice was Addressed to Bank: Bombay HC [Read Order] September 30, 2026SVLDR Scheme declaration cannot be rejected solely because the quantification notice for outstanding service tax liability was addressed to the bank rather than the assessee directly. Selection of New Tax Regime in ITR Cannot Undo Valid Form 10-IEA Opting Out: ITAT September 30, 2026A taxpayer who filed the prescribed Form 10-IEA to opt out of the new tax regime could not switch back merely by selecting the contrary option while later filing the Income Tax Return. S. 54 Deduction for House Construction Cannot Be Denied Solely Because Plot Registered in Wife's Name: ITAT September 30, 2026Section 54 relief for the cost of constructing a new residential house was allowed even though the underlying plot had been purchased earlier in the taxpayer's wife's name. No Disallowance u/s 40a(i) on “International Party related Transaction” and “Foreign Outward Remittance” for Payment of Interest: ITAT [Read Order] September 30, 2026Among other directions, it was also directed that the interest disallowed under Section 94B be denied. Compensation for Vacating Flat During Redevelopment Constitutes Capital Receipt, Not Taxable as Income: ITAT September 30, 2026Compensation received from a developer for hardship and displacement during redevelopment was treated as a capital receipt, even if the taxpayer did not spend the entire amount on alternative accommodation. Mother-in-Law's ₹12 Lakh Gift to Wife Backed by FDR Closure and Bank Trail: ITAT Deletes Husband's Property Investment Addition [Read Order] September 30, 2026Rs. 10.87 lakh unexplained property investment addition was deleted after bank records established that the taxpayer's wife had received Rs. 12 lakh from her mother out of fixed-deposit closure proceeds. 10-year ITR leak to Private Party: Madras HC Directs PCIT to Decide Taxpayer’s Complaint September 30, 2026The taxpayer's representation to inquire into the 10-year ITR leak to a private party has to be considered by the PCIT within the time limit provided. GSTAT Issues SOP for Respondents to File Replies against Appeals September 30, 2026The GST department issued SOP for respondents to file reply against the appeal based on the Rule 36 of GST Appellate Tribunal (Procedure) Rules, 2025.
