Tag Archives: CIT

Deletions of Notional Rent, Booking Advances, Opening Cash Credit, Bad Debts, Routine Expenses Sustained; Penalty Deferred Pending Writ

By | July 27, 2026
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Deletions of Notional Rent, Booking Advances, Opening Cash Credit, Bad Debts, Routine Expenses Sustained; Penalty Deferred Pending Writ Issue Whether notional rent can be added under Section 22 when rent was received as per a validly executed and active modified rent agreement. Whether booking advances carried forward from prior years or subject to internal transfer… Read More »

Section 54F Exemption Is Allowable For All 50 Flats Received Under Pre-2015 JDA Capital Gains Assessment

By | July 24, 2026
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Section 54F Exemption Is Allowable For All 50 Flats Received Under Pre-2015 JDA Capital Gains Assessment Issue Whether an assessee who entered into a Joint Development Agreement (JDA) prior to April 1, 2015, is eligible for Section 54F deduction across all 50 residential flats received as consideration against long-term capital gains computed on the execution… Read More »

Lump-sum addition replaces full cash credit, while creditor proofs and input VAT are allowed.

By | July 24, 2026
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Lump-sum addition replaces full cash credit, while creditor proofs and input VAT are allowed. Lump-sum addition replaces full cash credit, while creditor proofs and input VAT are allowed. Issue Whether an addition under Section 68 read with Section 115BBE for cash deposits made during the demonetization period is justified when cash sales are recorded in… Read More »

Subsisting Section 12AB registration cannot be treated as invalid for non-production of earlier registration certificate.

By | July 24, 2026
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Subsisting Section 12AB registration cannot be treated as invalid for non-production of earlier registration certificate. Issue Whether the Principal Commissioner / Commissioner of Income Tax (Exemption) [CIT(E)] is justified in treating a subsisting provisional/five-year registration granted under Section 12AB (in Form 10AC) as invalid merely due to the non-production of an earlier Section 12A/12AA registration… Read More »

Hospital providing medical relief is eligible for Section 12AB registration without retrospective cancellation by CIT(E).

By | July 24, 2026
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Hospital providing medical relief is eligible for Section 12AB registration without retrospective cancellation by CIT(E). Issue Whether a hospital providing medical relief qualifies as a charitable activity under the first limb of Section 2(15) without being impacted by commercial metrics like tariff structures, bed usage, or revenue per bed. Whether the Principal Commissioner / Commissioner… Read More »

Unsecured Loan Addition Confirmed Excluding Opening Balance, and Business Loss Set-Off Allowed Prior to 2017

By | July 11, 2026
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Unsecured Loan Addition Confirmed Excluding Opening Balance, and Business Loss Set-Off Allowed Prior to 2017 Issue Whether an addition under Section 68 can be sustained for an unsecured loan when the transaction is conducted via banking channels but cross-verification reveals that the lender did not reflect the receivable in his audited accounts, denied the loan… Read More »