Improtant Income Tax Case Law 20.05.2025

Section	Case Law Title	Brief Summary	Citation	Relevant Act
2(11) (Black Money Act)	Additional Commissioner of Income-tax v. Himanshu Gupta	Addition deleted; assessee had already disclosed foreign shareholding in return.	Click Here	Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
3 (Black Money Act)	Additional Commissioner of Income-tax v. Himanshu Gupta	Value of debit note between two corporate entities not taxable under Black Money Act as undisclosed foreign asset/income of assessee.	Click Here	Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
28(i)	Rajesh Kumar Jaiswal v. DC/ACIT(CENTRAL) Income-tax Department	Income from renting out property on a day-to-day basis with facilities is business income, not income from house property.	Click Here	Income-tax Act, 1961
37(1)	Nijhawan Travel Services (P.) Ltd. v. Assistant Commissioner of Income-tax	Loss on closure of stores to be verified; if revenue in nature, allowed as business expenditure.	Click Here	Income-tax Act, 1961
37(1)	Nijhawan Travel Services (P.) Ltd. v. Assistant Commissioner of Income-tax	Club expenditure allowed as business expenditure; AO failed to demonstrate it as non-business.	Click Here	Income-tax Act, 1961
40A(2)	Deputy Commissioner of Income-tax v. Sri Chaitanya Educational Committee	Disallowance under section 40A(2)(a) deleted; AO failed to provide comparable cases for excessive payments.	Click Here	Income-tax Act, 1961
43A	Nijhawan Travel Services (P.) Ltd. v. Assistant Commissioner of Income-tax	Foreign exchange loss on licence fee allowed as business expenditure.	Click Here	Income-tax Act, 1961
50C	Mohammedaarif Yunusbhai Patel v. Income-tax Officer	Matter set aside to AO to refer to DVO for fair market value determination of property.	Click Here	Income-tax Act, 1961
56(2)(x), 175	Ms. Rana Ayyub Shaikh v. Deputy Commissioner of Income-tax	Donations collected for Covid relief taxable under section 56(2)(x) and 175; funds transferred to personal accounts and used for personal purposes.	Click Here	Income-tax Act, 1961
69, 115BBE	Rajesh Kumar Jaiswal v. DC/ACIT(CENTRAL) Income-tax Department	Unexplained investment in property taxed under section 69 and liable to tax under section 115BBE.	Click Here	Income-tax Act, 1961
69, 148A(b), 148A(d)	Primit Shambhuprasad Purani v. Income-tax Officer	Reassessment notices quashed; order passed without application of mind, ignoring disclosed facts. Reassessment Proceedings Quashed for Unexplained Cryptocurrency Investment Due to Contradictory Order and Undisputed Source.	Click Here	Income-tax Act, 1961
69A	Mohammedaarif Yunusbhai Patel v. Income-tax Officer	Income estimated at 3% of cash deposits as reasonable, based on assessee’s admitted commission earnings.	Click Here	Income-tax Act, 1961
69A, 250(4), 250(6)	Adim Jati Seva Sahkari Samiti Maryadit Korba Korba P.O. v. Income-tax Officer-2	Commissioner (Appeals) Must Conduct Inquiry and Formulate Points for Determination Even if Assessee Fails to Appear Matter restored to Commissioner (Appeals) for fresh adjudication; no inquiry conducted regarding source of credit in bank account.	Click Here	Income-tax Act, 1961
70	Eastspring Investments India Equity Open Ltd. v. Deputy Commissioner of Income-tax (IT)	Short-term capital loss on which STT was paid can be set off against short-term capital gain on which STT was not paid.	Click Here	Income-tax Act, 1961
132A(1)(c)	Deputy Director of Income-tax v. State of Gujarat	Requisition of Seized Cash Under Section 132A Allowed from Police Authorities Department allowed to deposit unexplained cash in PD Account.	Click Here	Income-tax Act, 1961
199	K.Venkatesan (HUF) v. ACIT	Assessee entitled to full credit for TDS on agricultural land sale even if not required.	Click Here	Income-tax Act, 1961
199	Jagannath Transport Corporation v. Deputy Commissioner of Income-tax	TDS Credit can not be disallowed due to Mismatch of income in ITR and 26AS Matter remanded to Commissioner (Appeals) to verify facts regarding TDS credit and gross receipts mismatch.	Click Here	Income-tax Act, 1961
271E, 269T, 273B	Sandeep Kaur Gill v. Union of India	No penalty under section 271E for cash repayment of loan due to reasonable cause.	Click Here	Income-tax Act, 1961