Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Deepa Pamnani (Ms) v. ITO (2024) 230 TTJ 897 / 241 DTR 170 / 38 NYPTTJ 814/ [2025] 170 taxmann.com 163 (Mum) (Trib)

S.54F : Capital gains-Investment in a residential house-Acquired 60 percent share in a flat owned by her husband-Entitle to benefit of on sale consideration received on sale of shares. [S. 45]

Abdul Nayab Shaikh (Deceased) L/H Abdul Samad Shaikh v. ITO (2024) 230 TTJ 13 / 238 DTR 353 / 38 NYPTTJ 596/ 167 taxmann.com 381 (Mum)(Trib)

S. 54F : Capital gains-Investment in a residential house-Investment in joint name-Exemption cannot be denied on the ground that the new property has been purchased in the joint names of the assessee and his son. [S. 45]

Sonia Pathak Khanna v. ITO (2024) 230 TTJ 828 / 240 DTR 297 / 38 NYPTTJ 914/ 164 taxmann.com 607 (Mum) (Trib)

S. 50 : Capital gains-Depreciable assets-Block of assets-The profit or loss on this property is required to be computed under the provisions of ss. 41(2) and 50-More than 36 months-Entitle to exemption u/s 54F [S. 41(2), 54F]

Goldiam International Ltd. v. DCIT (2024) 230 TTJ 1 / 238 DTR 33 / 38 NYPTTJ 411 (Mum)(Trib) Goldiam Jewelry v. Dy.CIT v. DCIT (2024) 230 TTJ 1 / 238 DTR 33 / 38 NYPTTJ 411 (Mum)(Trib)

S. 45 : Capital gains-Capital loss-Transaction in securities-Purchase and sale of units of mutual fund-Fictitious-Sham-Loss is allowable as short term capital loss-Transaction cannot be considered as avoidance of tax-Provision of section. 94(7) is not applicable. [S. 94(7)]

Jaipur Vidyut Vitran Nigam Ltd. v. DCIT (2024) 230 TTJ 748 / 240 DTR 353 / 38 NYPTTJ 690 / 164 taxmann.com 282 (Jaipur)(Trib)

S. 43B : Deductions on actual payment-Unpaid interest on loan taken from world bank-Public financial institution-Unpaid interest no disallowance can be made-Electricity duty-Collection and subsequent transfer to the State Government-No disallowance can be made. [S. 43B(a)]

ITC Ltd v. ACIT (2024) 230 TTJ 921 / 38 NYPTTJ 626 (Kol)(Trib)

S. 43(6) : Written down value-Liquidated damages-Compensation from suppliers-Capital receipts-Block of assets-Depreciation-Not to be reduced from the cost of fixed assets.[S.2(11), 4, 32]

ITO v. Mayurbhanj Central Cooperative Bank Ltd. (2024) 230 TTJ 655 / 240 DTR 17 / 38 NYPTTJ 807 (Cuttack)(Trib)

S. 40A(7) : Expenses or payments not deductible-Gratuity-Fund maintained by LIC-Pendency of application-Matter is remanded to the file of AO for verification.[S.36(1)(vi)]

M.S. Hostel v. Dy.CIT (2024) 230 TTJ 575 / 38 NYPTTJ 392/ 167 taxmann.com 735 (Ahd) (Trib)

S. 40A(2): Expenses or payments not deductible-Excessive or unreasonable-Relative of partner-Service rendered is not doubted-No disallowance cannot be made.[S. 37(1)]

ITO v. Mayurbhanj Central Cooperative Bank Ltd. (2024) 230 TTJ 655 / 240 DTR 17 / 38 NYPTTJ 807 (Cuttack)(Trib)

S. 40(a)(ia): Amounts not deductible-Deduction at source-interest paid on the deposits-Co-operative bank-Finance Act, 2015 w.e.f. 1st June, 2015-Amendment is applicable prospectively w.e.f. 1st June, 2015 and not applicable for the relevant years-Deletion of disallowance is affirmed.[S.194A(3)(v)]

ITC Ltd v. ACIT (2024) 230 TTJ 921 / 38 NYPTTJ 626 (Kol)(Trib)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Commission payment to foreign agents-Services rendered abroad-Not liable to tax in India-Not liable to deduct tax at source. [S.9(1)(i), 195]