In a significant ruling, the Delhi High Court has held that a company’s buy-back of its own shares is a reduction of share capital and not an acquisition of property for the purposes of section 56(2)(x) of the Income-tax Act, 1961. The judgment provides important clarity on the legal character of buy-back transactions and limits over-expansive application of deeming provisions.

The GST enforcement landscape in 2026 has shifted decisively. We have moved from an era of discretionary administrative action to one of strict Statutory Discipline. For corporate taxpayers and legal practitioners, this shift offers a powerful new defensive strategy. Recent jurisprudence, most notably the landmark ruling by the Gujarat High Court in Reevan Creation v. State of Gujarat, has drawn a clear line: procedural safeguards in the CGST Act are not merely directory—they are mandatory subs

The Indian tax landscape is currently witnessing a "tectonic shift" that extends far beyond the annual budgetary ritual. With the introduction of the Finance Bill 2026 and the imminent transition to the Income Tax Act, 2025 , the Central Board of Direct Taxes (CBDT) has deployed a sophisticated litigation strategy: The Legislative Override. A recent internal directive from the CBDT instructing departmental counsels to seek adjournments in matters affected by the Bill confirms that the...