Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Radha Madhav Investments (P.) Ltd. v. Dy.CIT [2025] 302 Taxman 358 (SC). Editorial : Radha Madhav Investments (P.) Ltd v.Dy.CIT (2022) 143 taxmann.com 421 (Bom)(HC)

S. 28(i): Business income-Capital gains-Delay of 752 days-Not satisfactorily explained-SLP of Revenue is dismissed.[S. 45, Art. 136]

PCIT v. Jupiter Capital Pvt. Ltd. (2025) 472 ITR 616 /303 Taxman 95 (SC) Editorial : Pr CIT v. Jupiter Capital (P.) Ltd. [IT Appeal No. 299 of 2019 dated 20-2-2023] (para 10) affirmed. (2025) 472 ITR 561 (Karn.) (HC)

S. 2(47) : Transfer-definition-“Extinguishment of any right there in”-Reduction of share capital by company amounts to reduction of rights of shareholder to share in distribution of net assets upon liquidation extinguished proportionately-Such reduction of rights is Transfer within the meaning of section 2(47) of the Act.[S. 45]

SKF India v. DCIT. [2025] 121 ITR 307/ 210 ITD 1 (SB)( Mum)( Trib)

S. 50 :Capital gains – Depreciable assets – Block of assets – Rate of tax – Deeming fiction is to be confined only to section 50 and it could not convert short term capital asset into long term capital asset and vice versa for other purpose of Act – Rate of tax would be in terms of section 112 at rate of 20 percent and not 30 percent .[ S. 2(29AA) 2(29B ), 2( 42A) , 45 , 48,49, 112(1) ]

R. P. Darrmalingam v. ACIT (2024)471 ITR 769 (Mad) (HC)

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Subsequent filing of return-Adjudication in assessment proceedings is not relevant for prosecution-Petition to quash the proceeding is dismissed. [S. 139, 153A, 276C, Criminal Procedure code, 1973, S. 468]

ITO v. Rajendra Prasad Vaish (2024) 471 ITR 179 /161 taxmann.com 711 (Raj) (HC)

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Interest is levied-Presumption that office has extended the time for filing of return-No mensrea-Criminal appeal of Revenue is dismissed-Judgement of acquittal is affirmed-Delay in filing income-tax return-Entire tax is deposited.[S. 139, 142, 148, 278E]

Aditya Institute of Technology and Management v. State of Andhra Pradesh (2024)471 ITR 262/ 163 taxmann.com 738 (AP)(HC)

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Educational institution-Fee reimbursement-90 per cent of students delayed the payment of fees-Reasonable cause-Criminal prosecution is quashed. [S. 192B, 194A 194C, 194J, 201(1)(a), 278AA, 279, Criminal Procedure Code, 1976, S. 482]

Bishwajit Pandey v. ACIT (2024)471 ITR 509 (Pat) (HC)

S. 271(1)(c) : Penalty-Concealment-Capital gains-Deduction is rejected-Levy of penalty is justified-Undisclosed income-Gift received from non-Resident-Penalty is justified. [S.54B, 54F, 69, 158BC]

PCIT v. Ambady Krishna Menon (2024) 471 ITR 366 /163 taxmann.com 141 (Ker) (HC)

S. 271(1)(c) : Penalty-Concealment-Capital gains-Additional income is accepted in the revised return-Penalty notice not specifying the charge-Order of Tribunal deleting the penalty is affirmed.[S. 143(1), 148]

CIT v. State Bank Of Mysore (2024)471 ITR 760 (Karm) (HC) Editorial : SLP of Revenue is dismissed, question of law is kept open, CIT v. State Bank Of Mysore (2024)471 ITR 761 (SC) (HC)

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Order of tribunal deleting the penalty is affirmed. [S. 260A]

CIT v. State Bank Of Mysore (2024)471 ITR 761 (SC) Editorial : CIT v. State Bank Of Mysore (2024)471 ITR 760 (Karm) (HC)

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Order of Tribunal deleting the penalty is affirmed-SLP of Revenue is dismissed. [Art. 136]