Category: Income Tax

Amendment to section 50C w.e.f. 01.04.2019 was to apply retrospectively w.e.f. 01.04.2003, when the section 50C was brought into statute – ITAT In a recent judgment, ITAT Agra deleted addition made u/s 56(2)(viib) holding that amendment to section 50C brought into the Act by finance Act, 2018 w.e.f. …

Approval u/s 153D has to be granted for each assessment year. A single approval granted for all AYs held as non application of independent mind. In a recent case. The ITAT Delhi quashed a single approval u/s 153D accorded in respect of 14 Assessment Years pertaining to two …

Prosecution u/s 276C(2) quashed as the assessee had though not paid due income tax along with return but later deposited it within a short period. In a recent judgment, Hon’ble Bombay High Court has quashed prosecution initiated u/s 276C(2) of the Income Tax Act, 1961 (the Act) as …

In slump sale acquisition, purchaser to claim depreciation on lump sum consideration irrespective of WDV in the books of accounts of seller company. In a recent judgment, Hon’ble Supreme Court had dismissed the SLP against the judgment of the Gujarat High Court holding that in a slump sale …

Agreement and Protocol between the India and Qatar for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income Ministry of Finance vide Notification No. G.S.R. 789(E) / CBDT Notification No. 154/2025 dated 24.10.2025 has notified agreement and Protocol between the Republic of …

Under presumptive taxation u/s 44AD, assessee could not have maintained sales bills and bank statement, bank balance and gross receipt in terms of explanation (f) of section 139(9) of the Act were sufficient. In a recent judgment, ITAT Bangalore has held that when provisions of presumptive taxation u/s …

Amalgamation order does not take away right of income tax department to proceed against the transferee company, In a recent judgment, Hon’ble Calcutta High Court has held that simply because the amalgamation order has been passed, the same does not take away right of the income tax department …

Addition u/s 69A for solely cash deposits in bank account deleted as it was covered by income declared u/s 44AD of the Act In a recent judgment, ITAT Rajkot held that AO erred in making addition under section 69A of the Income Tax Act, 1961 solely on the …

ITAT quashed revision order u/s 263 passed without providing information to assessee and not considering submissions & evidences furnished. In a recent judgment, ITAT Raipur has quashed the revision order passed u/s 263 holding that the PCIT grossly erred in not providing the information or documents used against …

High Court order upholding direction for Registration u/s 12A without applying determinative tests laid down by Apex Court set aside In a recent judgment, Hon’ble Supreme Court set aside the judgment of Allahabad High Court in granting registration u/s 12A without applying determinative tests laid down by Apex …