Monthly Archives: March 2025

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 »

A tribunal cannot recall an order to examine a matter not raised before it. Tribunal Order Recall Denied; Revenue Application Beyond Scope of Section 254(2) Issue: Whether the Income Tax Appellate Tribunal (Tribunal) can recall its order under Section 254(2) of the Income-tax Act, 1961, based on the revenue’s application claiming the Tribunal overlooked the… Read More »

Updated list of banks available for e-Pay Tax on Income tax Website The list of banks available for e-Pay Tax service at e-Filing portal is provided in the Latest Updates dated. Banks available at e-Filing Portal – 30 Banks S. No. Bank Name New/Migrated Bank Date of enablement at e-Pay Tax Service at e-Filing Portal… Read More »