Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


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

S. 32 : Depreciation-Unabsorbed depreciation-Allowed to be carried forward and set off after a period of eight years from assessment year 1997-98, without any limit. [S.32(2)]

Shivani Madan (Smt) v. PCIT (2025) 303 Taxman 571 (Delhi)(HC) Editorial : Order in Shivani Madan (Smt) v. ACIT (2023) 200 ITD 198 (Delhi)(Trib), reversed.

S. 22 : Income from house property-Co-owner-Joint owenership-Annual letting value-No specification of their respective shares in deed-Mere signing of instrument of conveyance by an individual does not raise any presumption of income being assessed in hands of such individual-Order of Tribunal affirming the Annual letting value at 8 per cent of cost of property was deleted. [S. 23(1)(a), 26,27, 260A]

A.P. State Civil Supplies Corporation Ltd. v. ITO (2025) 303 Taxman 176 /343 CTR 394 / 247 DTR 106 (Telangana)(HC)

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Invested funds in shares of joint venture companies-Not entitle to claim exemption-Only income from such an investment made in violation of section 13(1)(d) was liable to tax and not entire income accrued to assessee.[S. 2(15),11(5) 13(1)(d)]

Biowin Agro Research v. ITO(E) (2025) 303 Taxman 540 (Ker.)(HC) Editorial : Order of Cochin Bench in Biowin Agro Research v. ITO(E)(ITA Nos 2 and 3 of 2022 dt. 25-4-2023 is set aside.

S. 11 : Property held for charitable purposes-Organic farming research-relief of poor-Eligible for exemption-Order of Tribunal is set aside. [S. 2(15) 12A, 260A, Companies Act,2013, S.8.]

CIT v. Mitsui and Co (2025) 303 Taxman 331 (SC) Editorial : CIT (IT) v. Mitsui & Co. (2025) 170 taxmann.com 827 (Delhi)(HC)

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Liaison Office-Non-Resident company-Did not finalize and transact a business deal and activities-Liaison Office could not be said to be preparatory or auxiliary in nature, LO did not constitute Permanent Establishment of assessee-MIPL was not performing additional function, in absence of material, it could not be taken as dependent agency PE to assessee, a non-resident company-Delay of 569 days-SLP of Revenue is dismissed on account of delay as well as on merits-DTAA-India-Japan. [art. 5, Art. 136]

PCIT v. Triumph Realty (P.) Ltd. (2025) 303 Taxman 108 (SC) Editorial : PCIT v. Triumph Realty (P.) Ltd. (2025) 170 taxmann.com 286 (Delhi)(HC)

S. 4 : Charge of income-tax-Foreign ECB loan for purpose of acquisition of a capital asset-Construction period-Temporarily parked ECB loan in FDRs-Interet income is allowed to be capitalised-Not assessable as income from other sources-SLP of Revenue is dismissed. [S.56]

Shree Cement Ltd. v. ACIT & Ors. (Raj.)(HC) [2025:RJ-JP:29991-DB ] www.itatonline .org .

S. 149 : Reassessment – Time barring – First proviso – Faceless regime – Jurisdiction of AO – Notice held barred by limitation and without jurisdiction. [S. 80IA, 133A, 143(3), 148, 148A(b), 148A(d), 151A, Art .226 ]

Babu Hasan Shaikh v. ITO (2025) (Mum)(Trib) www.itatonline.org

S. 149 : Reassessment – Time barring – First proviso – Notice issued beyond six years – Fifth proviso not applicable – Notice quashed. [S. 147 ,148, 148A(b), 148A(d) ]

Mahesh Kumar v. ITO (2025) (TM) (Delhi)(Trib) www.itatonline.org

S. 147 : Reassessment – Long-term capital gains – Addition on issue forming reasons for reopening deleted by CIT(A) – Reassessment held invalid.[S. 68, 69, 10(38), Expl. 3 to S. 147, 148 , 255(4)]

Karnataka Sangha v. ITO (E)-1(4), Mumbai (Mum)(Trib) www.itatonline.org

S. 250 : Appeal – Commissioner (Appeals) – Procedure – Second order passed in same appeal – Faceless regime – Cost of Rs .10,000 was imposed on Department.[ ITAT Rules, 1963, R. 32A(2) ]