Category: Income Tax

Resulting company is entitled to claim depreciation on goodwill expended at the time of amalgamation of companies.  In a recent judgment, the Hon’ble Supreme Court has dismissed the Special Leave Petition filed by the PCIT approving the judgment of the High Court that the assessee company is entitled …

A fresh notice u/s 148 is required if AO wants to assessee any other income other than as per reasons recorded.  In a recent judgment, the Hon’ble Delhi High Court has reiterated that a fresh reopening notice u/s 148 is required if AO wants to assessee any other …

Order u/s 148A(d) quashed being beyond the scope of the notice issued under Section 148A(b). In a recent judgment, the Hon’ble Delhi High Court quashed order passed under Section 148A(d) being beyond the scope of the notice issued under Section 148A(b) as in the notice there was no …

Any transaction of Rs. 2,00,000/- and above in cash to be reported to Income Tax Department – Supreme Court In a recent judgment, the Hon’ble Supreme Court have directed that whenever Rs. 2,00,000/- and above is paid by cash towards any transaction i.e. immovable property or otherwise, the …

ITAT restricted penalty under section 272A(1)(d) to the first default to notice issued u/s 143(2). In a recent judgment, ITAT Surat restricted penalty under section 272A(1)(d) to the first default only holding that penalty u/s 271(1)(b) cannot be imposed for each and every notice issued under section 143(2) …

There can be plethora of reasons for failure to execute a formal loan agreement reduced in writing. The need for written agreement should be best left to the judgment of the parties. In a recent judgment, ITAT Delhi observed that there can be plethora of reasons for failure …

When it is demonstrated that money has percolated to assessee from son though through companies in which he was a director, no addition can be made under section 56 – ITAT In a recent judgment, ITAT Chandigarh deleted addition under section 56 observing that once it is demonstrated …

Exemption from excise duty does not fall in the definition of income as envisaged under Section 2(24)(xviii) of the Income Tax Act. In a recent judgment, Hon’ble High Court of Jammu & Kashmir and Ladakh held that exemption from excise duty does not fall in the definition of …

Rent receivable towards properties inherited from grandparents under will does not represent revenue receipt In a recent judgment ITAT Cochin has quashed rectification order under section 154 making addition towards rent receivable towards properties inherited by assessee from grandparents under will. ABCAUS Case Law Citation:4511 (2025) (04) abcaus.in …

AO not being an expert of accounts, having regard to complexity of business of the assesse was duty bound to invoke & direct a special audit u/s 142(2A) of the Act.  In a recent judgment ITAT Panji has set aside assessment making ad hoc estimation of gross profits …