Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Sandeep Hooda v. PCIT (2025) 302 Taxman 208 (Delhi)(HC)

S. 54 : Capital gains-Profit on sale of property used for residence-Construction of house-Putting together a structure of plywood sheets could not be construed as constructing a residential house-Not entitle to exemption. [S.45, 260A]

Hajra Iqbal Memon (Mrs.) v. ITAT (2025) 302 Taxman 524 (Bom.)(HC)

S. 45 : Capital gains-Long term capital gains-Tenancy right is converted into owneership-Date of transfer-Consent term-Confirming party-Deed of confirmation or deed of consent term or registration-Matter remanded to the Tribunal for re adjudication. [S. 2(27), 50C, 254(1), 260A]

Knowell Realtors (India) (P.) Ltd. v. ACIT (2025) 302 Taxman 433 / 482 ITR 423 (Ker.)(HC)

S. 45 : Capital gains-Business income-Sale of properties-Assessable as capital gains and not as business income-Rule of constancy followed. [S. 22, 28(i), 260A]

Housing and Urban Development Corporation Ltd. v. Addl. CIT (2025) 302 Taxman 419 (SC) Editorial : Housing and Urban Development Corporation Ltd. v. Addl. CIT (2017) 83 taxmann.com 292 (Delhi) (HC), Housing and Urban Development Corporation Ltd. v. Addl. CIT(RP. Nos 130 to 134 of 2018 dt 23-3-2018(Delhi)(HC)

S. 43D : Public financial institutions-Section 43D read with Rule 6EB is a complete code-Directions issued by National Housing Bank (NHB) do not override section 43D in matter of computation of taxable income. [S.43D, R.6EB, Art.136]

Grand Motors v. ITO (2025) 302 Taxman 440 (Chhattisgarh)(HC)

S. 43B : Certain deductions only on actual payment-VAT, Entry Tax, CST-Not claimed as deduction-No disallowance can be made. [S. 139(1)]

Shriram City Union Finance Ltd. v. ACIT (2025) 302 Taxman 288 (Mad.)(HC)

S. 37(1) : Business expenditure-Creation of a reserve fund and transfer certain amount to such reserve as per section 45-IC of Reserve Bank of India Act, 1934-Not allowable as deduction. [S.115JB, Reserve Bank of India Act, 1934 S. 45-IC.]

HDFC Bank Ltd. v. Dy. CIT (2025) 302 Taxman 460 (Bom.)(HC)

S. 37(1) : Business expenditure-Securities held as stock in trade-Interest paid for broken period allowable as deduction-Rights issue of Fully Convertible Debentures (FCDs)-Expenditure on account of printing expenses, advertisement, professional fees, stamp duty and filing fees, bank charges, packages, etc-Allowable as deduction.

Ashok J. Thapar HUF v. Dy. CIT (2025) 302 Taxman 364 (SC) Editorial : Ashok J. Thapar HUF v. Dy. CIT (2024) 169 taxmann.com 202 (Delhi)(HC)

S. 37(1) : Business expenditure-Not shown any income from money lending business-No interest income-Expenditure is not allowable as deduction-SLP of assessee is dismissed. [S. 56, Art. 136]

Bihar Police Building Construction Corporation (P.) Ltd. v. Pr. CCIT (2025) 302 Taxman 2 (SC) Editorial : Bihar Police Building Construction Corporation (P.) Ltd. v. Pr. CCIT (2024) 168 taxmann.com 258 (Patna)(HC)

S. 32 : Depreciation-Building-Building structure had been standing for 20 years and it was renovated and beautified for use as a conference hall-Only 10 per cent depreciation is allowable-Not a temporary structure-Delay of 344 days in filing SLP-Delay is not condoned. [Art. 136]

National Leasing Ltd. v. ACIT (2025) 302 Taxman 43 (Bom.)(HC)

S. 28(i) : Business income-Income from house property-Business of purchase and renting properties-Rule of consistency is followed-Order of Tribunal assessing the rental income as income from house property is set aside.[S. 22, 260A]