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Direct Tax Insights: Expert Analysis and Updates

Section 54 is about Intent, Not Brick-by-Brick Completion

Tax law often forgets one thing: real life doesn’t move at the speed of statutes.Construction approvals get delayed. Plans change. Timelines slip. The Kolkata Bench of the ITAT has now reaffirmed this reality in a welcome ruling under Section 54 of the Income-tax Act. The Story in Brief: The assessee, Ramautar Saraf (HUF), sold a […] Print

Team Counselvise-January 24, 2026

Income Tax

free

Why India Needs Joint Taxation in Budget 2026 ?

In India, marriage changes almost everything social status, financial responsibilities, lifestyle choices. Except one thing. Income tax. Even after marriage, the tax system continues to treat spouses as two completely unrelated individuals. Two returns. Two slabs. Two separate computations. No recognition of shared household economics. As Budget 2026 approaches, this gap is becoming harder to […] Print

Team Counselvise-January 23, 2026

Income Tax

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When Evidence Speaks Louder Than Technicalities: A Clear Message on Section 68 and Rule 46A

Tax litigation often turns not on facts, but on procedure.This recent ITAT ruling cuts through that noise and delivers a simple, powerful message: genuine evidence cannot be rejected merely on technical grounds. The Background The case involved an addition under Section 68 for unsecured loans received by the assessee. During assessment, the Assessing Officer treated […] Print

Team Counselvise-January 21, 2026

Income Tax

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No Tax Exemption for Tiger Global on Flipkart Stake Sale

The Supreme Court’s decision in the Tiger Global–Flipkart case is not just another capital gains dispute. It is a watershed moment in India’s international tax jurisprudence, fundamentally altering how tax treaties, tax residency certificates, and anti-avoidance rules will be interpreted going forward. At its core, the judgment answers one critical question:Can treaty benefits be claimed […] Print

Team Counselvise-January 17, 2026

Income Tax

free

Gujarat High Court Clarifies: Section 147 and Section 153C Cannot Be Used Interchangeably

Background: Why this Case was Important~ Under the Income-tax Act, the department has different provisions to reopen or reassess income. Two such provisions are: Although these sections serve different purposes, the department often uses them interchangeably, especially after search operations. This practice led to several reassessment notices being challenged before the Gujarat High Court. The […] Print

Team Counselvise-January 16, 2026

GST

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ITC Cannot Be Denied for Supplier Default!

Tripura High Court Protects Genuine Taxpayers Input Tax Credit (ITC) is the backbone of the GST framework. For businesses, it is not an incentive—it is a statutory mechanism to avoid tax cascading.  Yet, one concern continues to trouble compliant taxpayers: What if the supplier collects GST but does not deposit it with the Government? Can a […] Print

Team Counselvise-January 13, 2026

Direct Tax

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Section 54 exemption was allowed even with ₹0 invested in Capital Gain Account Scheme.

Section 54 is a beneficial provision intended to encourage investment in residential housing by granting exemption from LTCG tax. However, taxpayers often face disallowance due to procedural lapses, particularly non-deposit of unutilized gains in the CGAS before the due date under section 139(1).  In a taxpayer-friendly ruling, the ITAT Hyderabad reaffirmed that procedural non-compliance cannot override substantive […] Print

Team Counselvise-January 12, 2026

Direct Tax

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How Binny Bansal lost DTAA protection despite moving abroad ?

The Income Tax Appellate Tribunal (Bengaluru Bench) rejected Binny Bansal’s claim of non-resident status for AY 2020–21, denying him benefits under the India–Singapore DTAA. Despite relocating to Singapore, the Tribunal held that he continued to be a resident of India under Section 6(1)(c) of the Income-tax Act. The Numbers That Decided the Case This alone […] Print

Team Counselvise-January 12, 2026

How does ₹6 crore of foreign funds trigger ED action?

The Enforcement Directorate conducted searches on premises linked to an NGO run by climate activist Harjeet Singh and his wife. The probe relates to foreign inward remittances exceeding ₹6 crore, allegedly received in the guise of consultancy fees, triggering an investigation under FEMA. The Money Trail ED alleges the funds were used to influence energy […] Print

Team Counselvise-January 10, 2026

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Direct Tax

Direct Tax

Indirect Tax

Corporate Law

Other Links

Direct Tax Insights: Expert Analysis and Updates

Section 54 is about Intent, Not Brick-by-Brick Completion

Why India Needs Joint Taxation in Budget 2026 ?

When Evidence Speaks Louder Than Technicalities: A Clear Message on Section 68 and Rule 46A

No Tax Exemption for Tiger Global on Flipkart Stake Sale

Gujarat High Court Clarifies: Section 147 and Section 153C Cannot Be Used Interchangeably

ITC Cannot Be Denied for Supplier Default!

Section 54 exemption was allowed even with ₹0 invested in Capital Gain Account Scheme.

How Binny Bansal lost DTAA protection despite moving abroad ?

How does ₹6 crore of foreign funds trigger ED action?