Daily Archives: June 1, 2025

IMPORTANT INCOME TAX CASE LAWS 29.05.2025

By | June 1, 2025
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IMPORTANT INCOME TAX CASE LAWS 29.05.2025 Here’s the requested case law analysis in a table format: Section Case Law Title Brief Summary Citation Relevant Act 12A(1)(ac)(vi)(B), 12A(1)(ac)(iii) Zarina Foundation v. Commissioner of Income-tax (Exemption) Cancellation of registration set aside and remanded for fresh adjudication as no show-cause notice was issued highlighting discrepancy in application clause.… Read More »

Write-off of advances to a wholly-owned subsidiary for a hospitality project is an allowable business loss under Section 37(1),

By | June 1, 2025
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Write-off of advances to a wholly-owned subsidiary for a hospitality project is an allowable business loss under Section 37(1), or alternatively a bad debt deduction under Section 36(1)(vii), due to commercial expediency and prior taxation of the advances. Issue: Whether the write-off of a part of substantial funds advanced by an assessee (engaged in property… Read More »