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Daily Archives: October 9, 2025
Important Income Tax Case Law 08.10.2025
Important Income Tax Case Law 08.10.2025 Section Case Law Title Brief Summary Citation Relevant Act 4 Deputy Commissioner of Income-tax v. Aarti Industries Ltd. Status Holder Incentive Scrips (SHIS) subsidy and fertilizer subsidy were capital receipts and not chargeable to tax. Click Here The Income-Tax Act, 1961 12AA Advantage India v. Principal Commissioner of… Read More »
The Prevention of Money Laundering Act (PMLA) prevails over the Income-tax Act for assets that are seized as the “proceeds of crime,” such as in a Ponzi scheme.
The Prevention of Money Laundering Act (PMLA) prevails over the Income-tax Act for assets that are seized as the “proceeds of crime,” such as in a Ponzi scheme. Issue When a large amount of cash is seized from a person who is liable for income tax but is also accused of money laundering under the… Read More »
Reopening an assessment with approval from the wrong authority is a legal nullity.
Reopening an assessment with approval from the wrong authority is a legal nullity. Issue Is a reassessment proceeding legally valid if the approval for it was obtained from an authority that is lower than the one specified by Section 151 of the Income-tax Act, 1961, for cases that are being reopened after a period of… Read More »
A search on a bank locker is justified if the owner has low declared income.
A search on a bank locker is justified if the owner has low declared income. Issue Can the Income Tax Department validly authorize a search and seizure operation on a person’s bank lockers, based on an inference that the high value of the assets likely held within them does not match the person’s declared income… Read More »
A cash deposit is not unexplained if it is less than the total annual cash sales.
A cash deposit is not unexplained if it is less than the total annual cash sales. Issue Can a tax addition be made for unexplained cash deposits under Section 68 of the Income-tax Act, 1961, by looking only at the transactions during the demonetization period in isolation, without considering the opening cash balance and the… Read More »
A 54F claim is valid if funds are used, even with construction delays.
A 54F claim is valid if funds are used, even with construction delays. Issue Can a taxpayer be denied the capital gains exemption under Section 54F of the Income-tax Act, 1961, for a failure to complete the construction of their new house within the three-year time limit, if they have utilized the entire required amount… Read More »
Both the assessee’s and the TPO’s benchmarking for CCD interest were held flawed.
Both the assessee’s and the TPO’s benchmarking for CCD interest were held flawed. Issue How should the arm’s length interest rate for a Compulsory Convertible Debenture (CCD) be determined for transfer pricing purposes, and can it be benchmarked against simple Non-Convertible Debentures (NCDs) or debt instruments from unrelated industries without making proper adjustments? Facts An… Read More »
A claim for a bad debt deduction requires not only a write-off in the books but also proof that the debt was previously offered to tax.
A claim for a bad debt deduction requires not only a write-off in the books but also proof that the debt was previously offered to tax. Issue Can a bad debt deduction be allowed by an appellate authority by only considering the condition of the “write-off” under Section 36(1)(vii) of the Income-tax Act, 1961, without… Read More »
An application cannot be rejected without a final opportunity to address defects.
An application cannot be rejected without a final opportunity to address defects. Issue Can the Commissioner (Exemption) reject a charitable trust’s registration application after finding its reply unsatisfactory, without providing the trust with one final and specific opportunity to address the very defects that are forming the basis for the rejection? Facts An assessee-trust filed… Read More »