Income Tax Bulletin February 2026
Judicial Updates
- Non-issuance of Sec.143(2) notice is a ‘foundational infirmity’ that shall leave reassessment redundant
- Tribunal raps revenue department for arbitrary orders passed by disregarding precedents
- Revision u/s 23 of Black Money Act dismissed as foreign assets disclosed in ‘Schedule FA’ and nothing prejudicial to Revenue’s interest could be established
- Aircraft MRO-services not FTS under India–Canada DTAA as ‘Make available’ test not satisfied
- Written contracts & interest charges are not ‘essential ingredients’ for proving loan genuineness