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Benefit of Vacancy Allowance Allowed for Flats Remaining Vacant During COVID-19; Documentary Evidence of “Efforts to Let Out” Relaxed. Issue Whether the Annual Letting Value (ALV) of properties intended to be let out but remaining vacant can be taken as ‘Nil’ under Section 23(1)(c), even if the assessee cannot produce concrete documentary evidence of efforts… Read More »

ALV Restricted to Let-Out Portion Only; Security Deposit Not Deemed Dividend Issue Whether the Assessing Officer (AO) can treat a multi-storey property as “fully let out” and tax the Annual Letting Value (ALV) of the entire building (estimated at ₹1.79 crores) merely because there is a single electricity meter and a substantial security deposit (₹10… Read More »

Revision Quashed as AO Took Plausible View on Goodwill Depreciation; Re-opening on Mere Disagreement Invalid. Issue Whether the Principal Commissioner (PCIT) can invoke Section 263 to deny depreciation on goodwill (representing excess consideration paid for a business acquisition) on the ground that the Assessing Officer (AO) failed to examine the impact of amended provisions, when… Read More »

Payments to Clear Mortgages and Settle Disputes are Deductible Transfer Expenses Under Section 48 Issue Whether amounts paid by a purchaser directly to banks (to clear mortgages where the assessee was a guarantor) and to a third party (to settle a rival ownership dispute) can be claimed by the seller as a deduction under Section… Read More »

High Court Directs CBDT to Extend ITR Filing Deadline to November 30, 2025, for Audit Cases Issue Whether the Central Board of Direct Taxes (CBDT) is legally obligated to extend the due date for filing Income Tax Returns (ITR) for audit cases to November 30, 2025, given that it had already extended the due date… Read More »