There is official word that they aired a brand new Inuyasha episode on July 30th. The episode is about the Black Tessaiga, you can read up on the full story at http://www.animenewsnetwork.com/news/2008-07-09/new-inuyasha-short-to-debut-at-tokyo-takahashi-event

*Note* Though there is a new episode, there is no garantee on a new Inuyasha season.