11 IMPORTANT INCOME TAX LAWS 27.02.2025 Section Case Law Title Brief Summary Citation 2(14) Income-tax Officer v. Smt. Laxmiben Amratlal Patel A tribunal cannot recall an order to examine a matter not raised before it. Click Here 2(15) JCIT-OSD(E) v. Gujarat Housing Board Receipts of statutory bodies for public functions are not business income. Click… Read More »
Section 148A Notices; Assessee’s Duty to Update Address, but Fresh Notice Issued Issue: Whether notices issued under Section 148A of the Income-tax Act, 1961, are valid when they were not served on the assessee’s email ID or by post due to the assessee’s failure to update their address and email ID with the Income-tax Department.… Read More »
Assessment Order Upheld; Sequence of Notices Immaterial in Faceless Assessment under sections 142(1) and 143(2) The sequence of notices under sections 142(1) and 143(2) is not material. Issue: Whether an assessment order under Section 143(3) read with Section 144B of the Income-tax Act, 1961, is valid when a notice under Section 142(1) was issued after… Read More »
Refund Application Rejected; Delay Condonation Denied Under Section 119(2)(b) Issue: Whether the assessee’s application for condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961, and the subsequent refund claim, were rightly rejected due to the delay exceeding the prescribed limitation period under Instruction No. 13/2006. Facts: The assessee filed its return of income… Read More »
A show-cause notice must be issued before rejecting an application under section 80G. 80G Approval Denial Overturned; Matter Remanded for Fresh Adjudication Issue: Whether the Commissioner (Exemptions) is justified in dismissing an assessee-trust’s application for approval under Section 80G of the Income-tax Act, 1961, solely on a technical ground. Facts: The assessee-trust filed an application… Read More »
Addition under Section 68 not applicable where the assessee has not maintained books of accounts Issue: Whether an addition under Section 68 of the Income-tax Act, 1961, can be made for share sale proceeds claimed as exempt income under Section 10(38), when the assessee did not maintain books of account and the credit was not… Read More »
Section 50 Inapplicable; Capital Gains on Trademarks Acquired Pre-1998 Treated as Long-Term Issue: Whether Section 50 of the Income-tax Act, 1961, applies to the sale of trademarks acquired before April 1, 1998, when depreciation was not allowed on intangible assets prior to that date. Facts: The assessee sold two trademarks during the assessment year 2011-12… Read More »
Exemption under section 11 can be claimed even if Form 10B is filed later. Section 11 Exemption Allowed; Substantial Compliance with Audit Requirements Sufficient for Registered Trust Issue 1: Whether the amendment to Section 12A(1)(b) of the Income-tax Act, 1961, by the Finance Act, 2023, effective from April 1, 2023, applies retrospectively to Assessment Year… Read More »
Black Money Act proceedings cannot continue after a dispute is settled under Chapter XIX-A. Black Money Act Proceedings Quashed; Settlement Commission Settlement Prevails Issue: Whether proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, can continue against petitioners who have filed returns disclosing foreign assets and income prior… Read More »
Receipts of statutory bodies (Housing Board) for public functions are not business income. Housing Board Exempt from Proviso to Section 2(15); Public Purpose Prevails Issue: Whether a housing board, as a statutory corporation, is exempt from the application of the proviso to Section 2(15) of the Income-tax Act, 1961, and eligible for exemptions under Sections… Read More »