Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Arihant Associates v. ACIT (2025) 210 ITD 149 (Mum.) (Trib.)

S.43CA: Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation-Date of agreement fixing value of consideration and date of registration of such transfer not same-Stamp duty value as on date of agreement for sale should be considered as full value of consideration for purpose of computing profits and gains from transfer of flat-Addition is deleted. [S. 45]

Tamilnadu Industrial Development Corporation Ltd v. DCIT [2025] 121 ITR 288 /172 taxmann.com 346 (Chennai)(Trib)

S. 43B: Interest tax liability for AYs:1993-94 to 1997-98 arose to assessee during relevant assessment year 2018-19 by way of order giving effect to order of High Court-liability was discharged by assessee during relevant year allowable as business expenditure.

Munish Arora v. ACIT [2025] 210 ITD 408 (Chd)(Trib.)

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Business expediency-If the payment is necessary for business operations and is not made with fraudulent intent, disallowance u/s. 40A(3) may not be required, even if the payment exceeds the prescribed limit.

ACIT v. Vardha Infra Ltd. (2025) 233 TTJ 505 (Jodhpur)(Trib)

S. 40(a)(ia): Amounts not deductible-Deduction at source-Books of Accounts rejected-Separate addition under 40(a)(ia) not valid. Disputed income under litigation-Shown as other income-Cannot be included in turnover when books are rejected-Income does not accrue until litigation is finally terminated, especially if liability is not admitted by the other party. [S. 4, 5, 144 145]

Suresh Kishinchand Changwani v. Dy. CIT (2025) 210 ITD 669 (Mum.) (Trib.)

S. 40(a)(ia): Amounts not deductible-Deduction at source-Interest, etc., paid to a resident without deduction of tax at source-Non-furnishing of Form 15G/15H-Form filed before the Tribunal-Matter remanded to the Assessing Officer for limited purpose of verification. [Form 15G, 15H]

Samsung R & D Institute India-Bangalore (P.) Ltd. v. JCIT (2025) 210 ITD 60 (Bang.) (Trib.) Editorial: CIT v. IBM (2014) 43 Taxmann.com 470 (Karn)HC) Distinguished

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Depreciation-Fixed asset-Capitalised the expenditure-Disallowance is deleted. [S. 32]

BSE Ltd. v. CIT (Appeals) (2025) 233 TTJ 214(Mum) (Trib)

S.37(1): Business expenditure-Club membership fees-Allowable as business expenditure.

Dy.CIT v.. Punjab State Power Corporation Ltd. (2025) 233 TTJ 57 (Chd) (Trib)

S. 36(1)(va): Any sum received from employees-Assessee maintain separate books for PF contributions-Credited it on real time basis-Deduction cannot be denied-NPS contributions not deposited within the due date of filing of Return-Cannot be claimed as a deduction in that year.[S. 2(24)(x)]

Dy CIT v. Prakash Nimmagadda (2025) 233 TTJ 812 (Hyd) (Trib)

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Acquisition of shares at face value when other paid premium-A capital transaction-Outside the purview of S. 28(iv).[S. 56(2)(x)]

ACIT v. Sony India Software Centre (P) Ltd. (2025) 233 TTJ 249(Bang)(Trib)

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-No benefit or perquisite is chargeable to tax under section 28(iv) for assets received from AEs on a returnable basis-Independent personal services-Training expenses paid to non-resident fell under Article 14 of the DTAA and not subject to TDS-DTAA-India-Singapore. [Art. 14]