22 IMPORTANT INCOME TAX CASE LAWS 12.02.2025
| Sr No | Case Law Title | Brief Summary | Citation | Relevant Section and Act |
|---|---|---|---|---|
| 1 | Notification No. 15/2025 Dated 10-02-2025 | Bhaikaka University, Anand, Gujarat notified as a scientific research institution. | Click Here | SECTION 35(1)(ii) Income Tax Act, 1961 |
| 2 | Initiating officer v. Ponnaganti Karunakara | Properties held by alleged benamidars not considered benami property. | Click Here | Section 2(9) Prohibition of Benami Property Transactions Act, 1988 |
| 3 | North Star Homes v. Initiating Officer, BPU, Hyderabad | Properties held by alleged benamidars not considered benami property. | Click Here | Section 2(9) Prohibition of Benami Property Transactions Act, 1988 |
| 4 | Karnataka Sangha v. Commissioner of Income-tax (Exemptions) | Condonation of Minor Delay in Form 10B Filing Granted to Charitable Trust | Click Here | Section 12A Income Tax Act, 1961 |
| 5 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Suo moto disallowance made by assessee upheld. Addition cannot be made solely based on ITS/AIR information without further evidence | Section 14A Income Tax Act, 1961 | |
| 6 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Assessee eligible for deduction under Section 36(1)(viia)(d). | Click Here | Section 36(1)(viia) Income Tax Act, 1961 |
| 7 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Assessee eligible for deduction under Section 36(1)(viii). | Click Here | Section 36(1)(viii) Income Tax Act, 1961 |
| 8 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Withdrawal from ‘Special Reserve No. I Account’ not taxable. | Click Here | Section 36(1)(viii) Income Tax Act, 1961 |
| 9 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Profits derived from housing loans for less than five years eligible for deduction. | Click Here | Section 36(1)(viii) Income Tax Act, 1961 |
| 10 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Interest income from non-residential housing finance not eligible for deduction. | Click Here | Section 36(1)(viii) Income Tax Act, 1961 |
| 11 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Interest income from treasury operations eligible for deduction. | Click Here | Section 36(1)(viii) Income Tax Act, 1961 |
| 12 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Interest income from loan to NTPC eligible for deduction. | Click Here | Section 36(1)(viii) Income Tax Act, 1961 |
| 13 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Discount on grant of stock options allowed as revenue expenditure. | Click Here | Section 37(1) Income Tax Act, 1961 |
| 14 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | ESOS expenditure allowed as revenue expenditure. | Click Here | Section 37(1) Income Tax Act, 1961 |
| 15 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Expenditure incurred on issue of FCCBs allowed as revenue expenditure. | Click Here | Section 37(1) Income Tax Act, 1961 |
| 16 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Provisions made on reasonable estimates allowed as revenue expenditure. | Click Here | Section 37(1) Income Tax Act, 1961 |
| 17 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Club entrance fees and subscription allowed as revenue expenditure. | Click Here | Section 37(1) Income Tax Act, 1961 |
| 18 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Long-term capital gain computed as per third proviso to Section 50C(1). | Click Here | Section 50C Income Tax Act, 1961 |
| 19 | Vijay Krishna Bhandari v. Income-tax Officer | Commissioner (Appeals) directed to decide appeal on merits. Dismissal of Appeal for Non-Prosecution Without Considering Merits is Invalid | Section 50C Income Tax Act, 1961 | |
| 20 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Deduction under Section 54EC allowed for short-term capital gains. | Click Here | Section 54EC Income Tax Act, 1961 |
| 21 | Income-tax Officer v. Hemanshu Ramniklal Shah | SLP dismissed, Reopening of Assessment Barred Due to Change of Opinion and Delay in Filing SLP. | Click Here | Section 68 Income Tax Act, 1961 |
| 22 | HDFC Bank Ltd. v. Addl. CIT/ACIT/DCIT, Mumbai | Assessee had choice to set off short-term capital loss. | Click Here | Section 68 Income Tax Act, 1961 |
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