Monthly Archives: February 2025

 Writ Petition Dismissed for Bypassing Alternate Statutory Remedies in Accounting Method Dispute Issue: Whether a writ petition challenging an assessment order based on the method of accounting is maintainable when alternate statutory remedies are available. Facts: The assessee followed the project completion method of accounting. The Assessing Officer used the percentage completion method and passed… Read More »

Addition under Section 68 Not Applicable for Shares Issued for Goodwill Issue: Whether the addition under Section 68 of the Income-tax Act, 1961, is applicable when shares are issued without monetary consideration but in exchange for goodwill. Facts: The assessee company filed its return of income declaring nil income. During the assessment proceedings, the Assessing… Read More »

Interest payments on loans taken from banks. : Reassessment Notice Quashed Due to Lack of Valid Reasons and Change of Opinion , Issue: Whether the reassessment notice issued under Section 148 of the Income-tax Act, 1961, is valid when there are no allegations of failure to disclose material facts and the reassessment is based on… Read More »

Reopening Notice Quashed Due to Change of Opinion and Lack of Tangible Material , It Based on Information from the Insight Portal Issue: Whether the reopening of an assessment under Section 148 of the Income-tax Act, 1961, is valid when it is based on a change of opinion and lacks tangible material to show that… Read More »

 FRRB of ICAI releases Study on Compliance with Ind AS Framework – Volume III FRRB of ICAI has released Volume III of its study on compliance with the Ind AS Framework, focusing on non-compliance issues in financial statements. It covers key areas such as assets, liabilities, equity, profit and loss, cash flows, auditor reports, and… Read More »

22 IMPORTANT INCOME TAX CASE LAWS 12.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Notification No. 15/2025 Dated 10-02-2025 Bhaikaka University, Anand, Gujarat notified as a scientific research institution. Click Here SECTION 35(1)(ii)  Income Tax Act, 1961 2 Initiating officer v. Ponnaganti Karunakara Properties held by alleged benamidars not… Read More »

Reopening of Assessment Barred Due to Change of Opinion and Delay in Filing SLP Issue: Whether the reopening of an assessment under Section 148 of the Income-tax Act, 1961, is permissible when the Assessing Officer had already considered the relevant information during the original assessment proceedings, and whether the delay in filing the Special Leave… Read More »

 Dismissal of Appeal for Non-Prosecution Without Considering Merits is Invalid Issue: Whether the Commissioner (Appeals) can dismiss an appeal for non-prosecution without considering the merits of the case, especially when the assessee has raised valid grounds challenging the assessment order. Facts: The assessee sold an immovable property. The Assessing Officer, based on information from the… Read More »