S. 56 : Income from other sources-Share premium-Fair market value-Valuation report not examined by Assessing Officer-Matter remanded. [S.56(2)(viib), R. 11UA]
Tajshree Autowheels (P.) Ltd. v. Asst. CIT (2025) 125 ITR 198 / 177 taxmann.com 210 (Nagpur)(Trib.)
Digest of case laws
Online digest of latest case laws
This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S 45: Capital gains-Rights entitlement not taxable in India-Short-term capital loss not to be set off against exempt gain- DTAA-India-Ireland [S.2(42A), 2(42B). 70, 71, 74 Art. 13(5), 13(6)]
Vanguard Emerging Markets Stock Index Fund, A Series of VISPLC v. Asst. CIT (2025) 125 ITR 128 / 172 taxmann.com 515 (Mum.)(Trib.)S. 41(1) : Profits chargeable to tax- Remission or cessation of trading liability-Lease deposit outstanding for several years-No cessation of liability-Addition deleted- Booking advances received in earlier years-No remission or cessation-Addition deleted. [S.28(i)]
ITO v. N. Kumar Housing and Infrastructure (P.) Ltd. (2025) 125 ITR 401 / 172 taxmann.com 428 (Nagpur)(Trib.)S. 37(1): Business expenditure-Technology licensing agreement-Payment initially capitalised as intangible asset-Expenditure held allowable as revenue expenditure- Foreign exchange loss-Expenditure arising from same business agreement-Revenue expenditure allowable. [Expln. 3 to S. 32(1)]
Cheers Interactive (India) (P.) Ltd. v. Asst. CIT (2025) 125 ITR 149 / 173 taxmann.com 308 (Mum.)(Trib.)S. 37(1): Business expenditure-Employees’ Stock Option Plan-Discount on issue of shares-Revenue expenditure allowable- Entertainment and guest house expenses-No finding that expenditure was not incurred for business-Disallowance deleted.
HDFC Bank Ltd. (Successor to Housing Development Finance Corporation Ltd.) v. Dy. CIT (2025) 125 ITR 629 (Mum.)(Trib.)S. 35: Expenditure on scientific research- Normal deduction under section 35(1) not dependent upon DSIR quantification-Weighted deduction restricted to expenditure approved by DSIR. [S. 35(2AB), 37(1) R.6(7A)]
Mankind Pharma Ltd. v. Dy. CIT [2024] 162 taxmann.com 235 / (2025) 125 ITR 263 (Delhi)(Trib.)S. 32 : Depreciation-Lease transaction-Commercial expediency cannot be questioned-Depreciation allowable.
Growmore Research and Assets Management Ltd. v. Dy. CIT (2025) 125 ITR 44 (Mum.)(Trib.)S. 28(va) : Business income- Cash or kind-Under an agreement- Non-compete fee-Negative covenant-Capital receipt-Amendment taxing such receipt prospective-Not taxable.[S. 4]
HDFC Bank Ltd. (Successor to Housing Development Finance Corporation Ltd.) v. Dy. CIT (2025) 125 ITR 629 (Mum.)(Trib.)S. 28(i): Business income-Rental income-Maintenance charges received under separate arrangement-Taxable as business income and not as income from house property. [S. 2(13, 22 44AD]
Bindumalyam Panduranga Allanharinarayan v. ITO (2025) 125 ITR 507 / 175 taxmann.com 388 (Bang.)(Trib.)S. 23: Income from house property- Annual value-Property remaining vacant throughout year-Notional annual value assessable- Mere inability to secure a tenant throughout the year does not preclude assessment of notional rental income. [S. 22, 23(1)(a)]
Bindumalyam Panduranga Allanharinarayan v. ITO (2025) 125 ITR 507 / 175 taxmann.com 388 (Bang.)(Trib.)