Bombay High Court: Maharashtra Cooperative Societies Act, 1960 . S. 23(2) : Open membership-Nominee-Succession dispute-Scope of revisional jurisdiction-Nomination does not confer ownership- Majority legal heirs supporting claim-Tenant has no locus to challenge internal arrangement among heirs-Revisional authority exceeded jurisdiction in interfering with grant of membership. [Art. 226] The petitioner, son of a deceased member of a co-operative housing… Read More ...

Mumbai Tribunal : S. 151 : Reassessment-Sanction for issue of notice-Sanction of specified authority-Notice issued beyond three years from end of relevant assessment year-Approval obtained from Pr. CIT instead of Pr. CCIT/CCIT-Invalid assumption of jurisdiction-Reassessment quashed. [S. 144, 147, 148, 148A(d), 151(ii)] The assessee challenged the reopening for A.Y. 2017-18 on the ground that the notice u/s 148… Read More ...

Mumbai Tribunal : S. 54 : Capital gains-Profit on sale of property used for residence-Development agreement-Indexed cost of acquisition-Assessee entitled to indexation on entire property and not restricted to 22.5% land share – Multiple floors in same redeveloped building constitute one residential house – Deduction u/s 54 allowable. [S. 2(47), 45, 48] The assessee, a resident individual, entered… Read More ...

By Adv. Aaditya Bhatt and Adv. Chandni Joshi: The Input Service Distributor (ISD) mechanism under India's Goods and Services Tax framework was conceived as a practical solution for large businesses that procure common services centrally but consume them across multiple locations. The idea was straightforward — a head office receives a vendor invoice, pays the GST, and then passes on the corresponding Input… Read More ...

By Shreyam Shah, B.Com. F.C.A.,DISA, Partner - B S Shah and Co.: Like the Union Budget itself, our attempt to analyze its proposals under the Direct Tax Laws and GST has also been a yearly phenomenon since last many years. We attempt to make our Analytical Note on Budget Highlights, a unique and comprehensive piece of work, in the sense that, with respect to each important amendment… Read More ...

By Adv. Aaditya Bhatt and Adv. Chandni Joshi: Finance Minister Nirmala Sitharaman presented India's Union Budget 2026-27 on February 1, 2026, centering it around three kartavyas (duties): accelerating economic growth, expanding opportunities, and empowering citizens. The budget allocates ₹40,000 crore for semiconductors, ₹10,000 crore for biopharma, and establishes rare earth corridors, positioning India as a global manufacturing powerhouse while maintaining fiscal discipline with… Read More ...