Category: Income Tax

When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITAT  In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …

Payment made by the assessee as non-compete fee was an allowable revenue expenditure under Section 37(1) of the Act –Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-compete fee payment made to essentially keep a potential competitor out of the same business cannot be …

Assessee is entitled to claim deduction of interest on borrowed funds invested in sister concern for acquiring controlling interest – Supreme Court In a recent judgment, Hon’ble Supreme Court allowed deduction of interest on borrowed funds u/s 36(1)(iii) of the Act which was utilized for investment in a …

In the absence of enquiry on discrepancy in turnover between tax audit report vis-à-vis turnover disclosed in P&L account, order of AO was erroneous and prejudicial to the interest of the revenue. In a Recent judgment, ITAT Surat has held in view of discrepancy in the figure of …

Registration u/s 12A cannot be rejected simply on the basis of mentioning of a wrong section code which is a curable defect – ITAT  In a recent judgment, ITAT Amritsar has held that registration under section 12A cannot be rejected simply on the basis of mentioning of a …

Receipt of immovable property from relative is not taxable u/s 56(2)(x) and cannot be brought o tax u/s 68 for difference in stamp duty valuation and value declared in gift deeds. In a recent judgment, ITAT Chennai has held that receipt of immovable property from a ‘relative’ is …

Rejecting condonation of delay and dismissing appeal without verifying medical certificates – ITAT sets aside order of CIT(A) In a recent judgment, ITAT Lucknow set aside the order of the CIT(A) as he rejected the assessee’s request for condonation of delay without conducting any independent inquiry regarding the …

Common Area Maintenance (CAM) Charges cannot, by any stretch, be construed as payment of rent liable to TDS under section 194-I – Supreme Court dismissed SLP.  In a recent judgment, Hon’ble Supreme Court has dismissed SLP of the Income Tax Department against the judgment of the High Court …

SC upheld that merely producing audit objection in order u/s 148A(d) ignoring reply of assessee is non application of mind In a recent judgment, the Hon’ble Supreme Court upheld the judgment of Gujarat High Court in holding that merely producing of audit objection in the order under Section …

CBDT assigns jurisdiction of CIT(Appeals) in pursuance of assessments completed in pursuance to search u/s 132, requisition u/s 132A or survey u/s 133A or against penalty orders Ministry of FinanceDepartment of RevenueCentral Board of Direct Taxes Notification No. 170/2025 New Delhi, the 15th December, 2025 INCOME-TAX S.O. 5799(E).—In …