Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Pr. CIT, Central v. Lalitha Jewellery Mart (P) Ltd. (2026) 308 Taxman 462 (Mad)(HC)

S. 56: Income from other sources-Search-Share premium-Since the Assessing Officer had not found any specific fault in rejecting or not being satisfied with the valuation made by the assessee, addition under section 56(2)(viib) was not justified. [S. 56(2)(viib), R.11UA]

CIT v. Spectra Shares and Scrips Ltd. (2026) 308 Taxman 141 (Telangana)(HC)

S. 50B: Capital gains-Slump sale-Coca-Cola brand-Transfer of its entire bottling and marketing business as a going concern-Lump-sum basis-Revenue could not artificially fragment the transaction to tax portions thereof under different heads-Order of the Tribunal affirmed.[S.2(42C, 41(2), 260A]

Gulf Oil Corporation Ltd. v. Asst. CIT (2026) 308 Taxman 1 (Telangana)(HC)

S. 48: Capital gains-Mode of Computation-Amount paid for termination of agreement-No legal obligation to pay the amount-Disallowance was affirmed-Commission paid-No evidence was produced-Disallowance was affirmed.[S. 260A]

CIT v. Spectra Shares and Scrips Ltd. (2026) 308 Taxman 141 (Telangana)(HC)

S. 45: Capital gains-Sale of undertaking as a going concern-capital receipt-If the income from a source falls within a specific head, the fact that it may indirectly be covered by another head will not make the income taxable under the latter head. [S.4, 28(ii), 260A]

Aspinwall and Company Ltd. v. CIT (2026) 308 Taxman 321 (Ker.)(HC)

S. 37(1): Business expenditure-Interest on agricultural income tax (AIT)-Not allowable as business expenditure.[S 10(1),40(a)(ii)]

CIT (E) v. Hyderabad Cricket Association (2026) 308 Taxman 238 (SC) Editorial: CIT (E) v. Hyderabad Cricket Association (2025) 180 taxmann.com 322 (Telangana) (HC)

S. 37(1): Business expenditure-Expenses towards charitable purposes-Order of High Court affirmed-SLP delay of 621 days-SLP of revenue was dismissed on account of delay as well as on merits. [Art. 136]

CIT v. Spectra Shares and Scrips Ltd. (2026) 308 Taxman 141 (Telangana)(HC)

S. 28 (i) : Business income-Slump sale-Going concern-Compensation for termination of agreement-Licensing Agreement was on a principal-to-principal basis and held that consideration would not fall within Section 28(ii)(c)-Order of Tribunal affirmed.[S. 28(iic), 260A]

PCIT v. Indian Farmers Fertilizer Cooperative Ltd. (2026) 308 Taxman 185 (SC) Editorial : PCIT v. Indian Farmers Fertilizer Cooperative Ltd [2025] 179 taxmann.com 410 (Delhi) (HC)

S. 14A: Disallowance of expenditure-Exempt income-Delay of 469 days-SLP dismissed on account of delay and also on merits. [R.8D, Art. 136]

CIT v. Yadvindra Public School Association (2026) 308 Taxman 237 (SC) Editorial : CIT v. Yadvindra Public School Association(2024) 167 taxmann.com 584 (P& H)(HC)

S. 12AA : Procedure for registration-Trust or institution-Assessee society was established with the object of imparting education-earnings it received were also utilised for the purpose of advancement of education-Order of High Court affirmed-SLP of revenue dismissed.[S. 2(15), 10(23)(vi), Art. 136]

LG Electronics India (P.) Ltd. v. DIT(IT) [2026] 308 Taxman 537. 489 ITR 229/ 349 CTR 505 (Delhi)(HC)

S. 9(1)(vi): Income deemed to accrue or arise in India-Royalty-Global advertising and promotional rights, including a non-exclusive right to use ICC and event marks under an agreement with GCC Singapore-Consideration attributable to right to use such marks constituted ‘royalty’ within meaning of section 9(1)(vi) read with article 12 of India-Singapore DTAA, and apportionment of one-third of total consideration as royalty (taxable at DTAA rate) and balance as advertisement expenditure was valid-Writ petition was dismissed-DTAA-India-Singapore.[S. 195, 264, Art. 12, Art. 226]