Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Pr. CIT v. Zexus Air Services (P.) Ltd. (2025) 303 Taxman 410 (Delhi)(HC)

S. 68 : Cash credits-Issue of shares against goodwill-No cash receipt-Provisions of section 68 were not attracted.[S. 260A]

Pr. CIT v. Nucleus Steel (P.) Ltd. (2025) 303 Taxman 58 (Delhi)(HC)

S. 68 : Cash credits-Advance against sale of land-Creditworthiness not in doubt-Flaw in the document cannot justify the addition-Order of Tribunal deleting the addition is affirmed.[S.260A]

Bihar Police Building Construction Corpn. (P.) Ltd. v. Pr. Chief CIT (2025) 303 Taxman 335 (SC)Editorial : Bihar Police Building Construction Corpn. (P.) Ltd. v. Pr. Chief CIT(2023) 157 taxmann.com 495 (Patna)(HC)

S. 56 : Income from other sources-Interest on Government grants-Assessable as income from other sources-Delay of 364 days-SLP of assessee is dismissed on ground of delay [Art. 136]

Shantha Vidyasagar Annam (Smt.) v. ITO (2025) 303 Taxman 348 (Telangana)(HC)

S. 45 : Capital gains-Development agreement with a builder for constructing residential flats on a sharing basis-Transfer-[S. 2(47)(v), Transfer of Property Act, 1882, S.53A]

Frontier Information Tech Ltd. v. Dy. CIT (2025) 303 Taxman 378 /343 CTR 143/ 245 DTR 457 (Telnagana)(HC)

S.43B: Deductions on actual payment-Converted interest due to equity shares-Tantamount payment-Entitled to deduction.

Tamil Nadu Small Industries Corporation Ltd. v. ACIT (2025) 303 Taxman 129 (Mad.)(HC)

S.43B: Deductions on actual payment-Provision for leave salary-Not allowable as deduction.[S.43(f)]

H.P. State Civil Supplies Corporation Ltd. v. ACIT (2025) 303 Taxman 306 (HP)(HC)

S.43B: Deductions on actual payment-Leave encashment-Liability to pay leave encashment was neither accrued nor paid during relevant accounting year but in year 2004 to 2016-Not allowable as dedcution. [S. 43B(f), 139(1), 260A]

CIT v. Haryana Vidyut Prasaran Nigam Ltd. (2025) 303 Taxman 134 (P&H)(HC)

S. 43B : Deductions on actual payment-liability on account of electricity duty payable-Set off against allotment of equity shares-Amount discharge of liability-No disallowance can be made. [S. 37(1), 260A]

PCIT v. Dewa Projects (P.) Ltd. (2025) 303 Taxman 387 (Ker.)(HC)

S. 43(5) : Speculative transaction-Trade in derivatives-Recognised stock exchange-Business loss-Allowed to be set off against profits and gains of business-Order of Tribunal is affirmed. [S. 72, 73, 260A]

CIT v. Haryana Vidyut Prasaran Nigam Ltd. (2025) 303 Taxman 134 (P&H)(HC)

S. 37(1) : Business expenditure-Contribution to its employees under Provident Funds-No disallowance can be made on the ground that it was not made to reccignised Provident Fund [S. 260A, Providents Funds Act, 1925]