ITC on Mall Construction: Functionality Test for ‘Plant’ Status to Allow Credit for Rental Income Issue: Whether Input Tax Credit (ITC) accumulated on the construction of a shopping mall, intended for letting out on rent (which attracts GST on rental income), can be availed by the assessee, particularly challenging the applicability and constitutional validity of… Read More »
Transfer of Development Rights Amenable to GST on RCM Basis Issue: Whether the transfer of development rights by an owner to a developer in exchange for construction services for a multi-storied building, under a development agreement registered prior to GST laws, and where the project was completed after GST came into force, constitutes a “supply… Read More »
IMPORTANT INCOME TAX CASE LAWS 23.05.2025 Section Case Law Title Brief Summary Citation Relevant Act 2(15) Ramswaroop Das Niranjanlal Charitable Trust v. Deputy Commissioner of Income- tax Exemption under section 11 not denied to trust renting out ‘Dharamshala’ for various functions, as predominant object was charitable. Click Here Income-tax Act, 1961 4 Maheshchandra Natvarlal Parikh… Read More »
Business Expenditure: GST Registration of Payees Not Sole Ground for Disallowance if Genuineness and TDS Verified Issue: Whether business expenses claimed by an assessee-company can be disallowed solely on the ground that the payees were not registered under Goods and Services Tax (GST), when the payments were made through banking channels, Tax Deducted at Source… Read More »
I. Speculative Transactions: Loss on Hedging Transactions in Gold Derivatives Allowed Issue: Whether losses incurred by an assessee, engaged in the business of trading in gold, silver, bullion, and precious metals, from transactions in gold derivatives on a Multi-Commodity Exchange (MCX) to hedge against price fluctuations, should be treated as speculative losses under Section 43(5),… Read More »
I. Compulsory Purchase Order Abrogation: Suit for Declaration of Abrogation Maintainable Issue: Whether a civil suit seeking a declaration that a compulsory purchase order stands abrogated and the suit property re-vests in the transferor (due to non-payment of consideration within the stipulated time under Section 269UG) is maintainable, and whether such a suit is barred… Read More »
Condonation of Delay: Assessee’s Lack of Diligence, Not Counsel’s Mistake, Justifies Refusal Issue: Whether a delay of six to seven years in filing an appeal before the Income Tax Appellate Tribunal (Tribunal) should be condoned on the ground of counsel’s alleged failure to take action, when the assessee was aware of the lower appellate orders… Read More »
Settlement Commission: Dismissal for Missing Records Invalid if Assessee Not Involved in Reconstruction Issue: Whether the Settlement Commission can dismiss an assessee’s application solely because original case files are missing and the assessee allegedly failed to reconstruct records, when no communication was sent to the assessee for record reconstruction or for supplying copies of their… Read More »
Reassessment Notice to Dissolved Firm with Deceased Partners: Invalid Without Proper Legal Heir Notice and Order Issue: Whether a reassessment notice issued under Section 148 in the name of a dissolved partnership firm, after all its partners have expired, is valid when no speaking order is passed to determine the legal representatives of the deceased… Read More »
Faceless Assessment: Order Quashed for Non-Compliance with High Court Directions on Cross-Examination Issue: Whether an assessment order passed in a faceless assessment regime, in “utter disregard” of explicit High Court directions to provide relied-upon documents, grant opportunity for cross-examination, and provide a fresh hearing, should be quashed solely on the ground of non-compliance with these… Read More »