Quote for the Day:

"If we believe in God, 
then he will do half of our work 
but he will do only the second half"

Course on New Income Tax Act:

Last date for Registration: Today evening  

🎯 Course Highlights:
- Clause-by-clause analysis of the New Income Tax Act, 2025  
- Practical guidance on transition from existing law  
- Special focus on Litigation, Search & Survey matters

New Income Tax Act, 2025  
(Effective from 1 April 2026)  
👉 A must-attend program for every practicing Chartered Accountant.

👨‍🏫 Esteemed Faculty:
TaxGuru CA (Dr.) Girish Ahuja Ji – Main Faculty  
Supported by senior CAs in special sessions

🗓 Schedule:
📅 8, 9, 12 & 23 - 28 January 2026 ⏰ 6:00 PM - 8:00 PM  

📅 13 January 2026 - ⏰ 3:00 PM - 5:00 PM  

🔗 Zoom Registration Link:
👉 https://us02web.zoom.us/webinar/register/WN_zV8jtpELSu-nisqCOMZgQw  

Note: After 500 live participants on Zoom, the YouTube link will be made live for remaining participants.

📚 Exclusive Book Offer (Optional)
“The Income Tax Act, 2025” by CA (Dr.) Girish Ahuja Ji  
🎁 50% Discount Free Delivery  
🛒 Buy:  https://commerciallawpublishers.com/products/income-tax-act-2025?_pos=1&_sid=c729ea9b4&_ss=r
Coupon Code: GAITA

Important Case Law:

“120 days time limit for release of seized assets u/s 132B is directory, not mandatory: HC"

Period of 120 days in second proviso to section 132B(1)(i) is not mandatory in nature; and no direction could be given for release of gold/jewellery by High Court in proceedings under article 226 of Constitution particularly, when Assessing Officer was seized of matter.

Case Analysis: Rajesh Gupta v. Assistant Commissioner of Income-tax

Date:                 December 23, 2025

Citation:           [2025] 181 taxmann.com 866 (Delhi)

Bench:              V. Kameswar Rao and Vinod Kumar, JJ. 

Facts of the Case:

• A search was conducted at the residence of assessee. During the search, gold and jewellery were seized by the revenue.

• The assessee sought release of seized gold/jewellery under section 132B and submitted that all the seized gold/jewellery was disclosed by them in their respective ITRs and Wealth Tax Returns (WTR) and it was incumbent upon the revenue to release thewithin 120 days from the date of search.

• Due to inaction on the part of the revenue, the assessee filed another letter, reiterating their request for the release of the gold/jewellery along with reconciliation, demonstrating that each item mentioned in the Panchnama was duly disclosed by the assessees in their returns.

• The Assessing Officer observed that assessment record's of only one of the assessee was available and assessee was not able to produce any bill/invoice/valuation report to justify that the jewellery was declared by them in their WTR. He, thus, rejected said application on ground that assessee failed to provide any documentary evidence to satisfy the worth of the jewellery/gold.

For Judgment,  Please click here

Useful Updates:

( Contribution by CA. Satish Agarwal )

• 180 Legal Compliances and Legal Updates for Jan-2026 in India  Read More

( Contribution by CA. Rishabh Agarwal )

• 										The Weekly Global Tax & TP Brief | 29 Dec 2025 to 02 Jan 2026  Read More
  										

• 										Why the Advance Pricing Agreement (APA) matter now in the UAE - Tax certainly for Controlled Transactions  Read More
  										

Forthcoming CPE Programs in the North Region:

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