Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Alchemist Ltd. [2024] 167 taxmann.com 284 /(2026) 484 ITR 48 (Delhi)(HC) PCIT v. UNO Menda Ltd [2024] 167 taxmann.com 284 /(2026) 484 ITR 48 (Delhi)(HC)

S.14A: Disallowance of expenditure-Exempt income-Disallowance is not attracted where there is no income exempt from tax-Disallowance is restricted to the extent of exempt income-Finance Bill, 2022, declaring that amendment to take effect from 1-4-2022 and accordingly applies in relation to assessment year 2022-2023 and subsequent assessment years-Order of Tribunal affirmed. [R.8D]

Give Foundation v. JCIT (2026) 484 ITR 602 /308 Taxman 38 (Guj)(HC)

S. 11 : Property held for charitable purposes-Tribunal affirmed and applied proviso to section 2(15) to disentitle exemption under sections 11 and 12-Assessment year under consideration expenditure exceeded donations and no retention of income but deficit of seven per cent-Proviso to section 2(15) not attracted and denial of exemption unsustainable. [S. 2(15), 12AA]

Manugraph India Ltd. v. ACIT (Mum.)(Trib.) www.itatonline.org .

S. 37(1): Business expenditure – Scientific research expenditure – Expenditure not approved by DSIR for weighted deduction – Ordinary deduction allowable if expenditure incurred wholly and exclusively for business – Deduction allowed u/s 37(1).[ S. 35(2AB ) ]

Manugraph India Ltd. v. ACIT (Mum.)(Trib.) www.itatonline.org .

S. 37(1): Business expenditure – Rent paid to directors for farmhouse used for accommodation of foreign customers – Business purpose partly established – Personal use not ruled out – Disallowance restricted to 50 per cent. [ S.40A(2)(b) ]

Manugraph India Ltd. v. ACIT (Mum.)(Trib.) www.itatonline.org

S. 14A: Disallowance of expenditure relating to exempt income – For the purpose of Rule 8D, only investments which have actually yielded exempt income during the year can be considered – No disallowance of interest where own funds exceed investments – Presumption that investments are made out of interest-free funds. [R. 8D(2)(ii), 8D(2)(iii)]

Sameena Shamsuddin Sayed v. ITO (Mum.)(Trib.) www.itatonline.org .

S. 69: Unexplained investments – Property purchased in the name of daughter – Entire consideration paid directly by father from disclosed bank account out of natural love and affection – Identity of father, payment trail and source of funds established – Absence of formal gift deed cannot justify addition – Addition deleted. [S. 148A, 147, 115BBE]

Gaurav Kumar Chopra v. UOI (2025) 483 ITR 324 (Cal)(HC)

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
S. 4: Undisclosed foreign income and assets-Offences and prosecution-Personal appearance of accused Effect of section 205 of the Code of Criminal Procedure-Discretion to dispense with personal appearance Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015-Criminal Procedure Code, 1973, S. 205.

Sub Registrar, Sri. V.G. Cleetus v. DIT (IT) (2023) 154 taxmann.com 546 / (2025) 483 ITR 21 (Ker)(HC)

S. 285BA : Obligation to furnish annual information return-Penalty-No proper explanation for delay-Imposition of penalty justified [S.273B, Art. 226]

Sooriya Hospital v. Dy. CIT (2025) 483 ITR 428 (Mad)(HC)

S. 276B: Offences and prosecutions-Failure to pay to the credit tax deducted at source-Assessee depositing tax deducted at source belatedly with penalty-Deputy Commissioner directed to consider assessee’s reply and afford opportunity of hearing [S. 276BB, Art. 226]

A.M. Enterprises v. State of Jharkhand (2025) 483 ITR 146 (Jharkhand)(HC)

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Failure to deposit tax deducted at source-tax and interest had been deposited before prosecution was launched-Prosecution not valid.[S. 278B, Art. 226]