Important Updates Of Case Laws, Articles And Association News
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Association News
All India Federation of Tax Practitioners announce a webinar under series of online lectures on Income Tax Bill 2025 : Speaker : Shri Pramod Kumar (Former Vice President, Income Tax Appellate Tribunal), New Delhi
📣 Announcement 📢 All India Federation of Tax Practitioners announce a series of online lectures on Income Tax Bill 2025 under already Announced Weekly Webinar Series 2025. Day, Date & Time: Friday, 20th June, 2025 at 5.00 p.m. Sharp Topic: Transfer Pricing (Chapter X – Clauses 161 to 177)... [Read more]
Case Laws
Sanjivani Mahila Gramin Bigar Sheti Sahakari Pat Sanstha Vs Income Tax Officer Ward–2, Bhandara (ITAT Nagpur)INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR: Deletion of Arbitrary Addition under Section 69A In the instant case, a 10% ad hoc addition on cash deposits was deleted. The Tribunal held that once the explanation for source of funds is found to be substantially correct, there is no scope for estimated additions under Section 69A. Taxation must rest on evidence, not assumptions.… Read More ...
INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR: 🔹 Reassessment Invalid under Section 148/149(1)(b) In the instant case, the Tribunal quashed the reassessment proceedings since the alleged escaped income was below ₹50 lakh. It reaffirmed that the extended time limit under section 149(1)(b) cannot apply unless the threshold is crossed – a welcome interpretation aligning with the Finance Act, 2021 and judicial precedents… Read More ...
Chennai Tribunal: S. 6(1) : Residence in India-Individual -Stayed more than 60 days in each year-More than 365 days in India for a period or periods amounting to all to 365 days or more-More than 183 days for AY. 2013 -14 & 2014-15-Control and management office is located in Chennai , India-Foreigners Regional Registration Office (FRRO) data… Read More ...
Mumbai Tribunal : S. 4 : Charge of income-tax-Compensation-Surrender of premises - Allocated flat as compensation to remove illegal occupant-The value of flat received by the assessee as compensation for removing nuisance shall constitute capital receipt -Not taxable. [S. 2(24),54F, 56(2)(vii)( b )] The assessee was an illegal occupant of land, who was allotted a flat worth ₹2.59… Read More ...
Chennai Tribunal: S. 56 : Income from other sources-Long term capital loss-Share transfer agreement-Shares sold at an undervalued price-Related party transaction-AO claimed that the transaction was structured to avoid tax-Shares valued at upwards of Rs 19,000/-, per share were sold for Rs.100 per share-Valuation was not in accordance with Rule 11UA-Matter remanded back to AO for recalculating… Read More ...
Mumbai Tribunal : S. 36(1)(iii) : Interest on borrowed capital-Interest on ICDs used for giving interest-free security deposit for getting the premises on leave and license-Business purpose-Interest is allowed as deduction. [S. 37(1)] The assessee had taken an office premises on leave and license by providing an interest-free security deposit, funded partly through Inter Corporate Deposits (ICDs) on… Read More ...
Articles
Income-Tax Bill, 2025 - Suggestions for the consideration of the Hon’ble Chairman and Members of the committee. – Dr. K. Shivaram, Senior Advocate
By Rasveen Kaur Kapoor: The piece discusses the recent launch of the e-Zero FIR initiative in India and its implications for digitised access to justice, especially in the realm of cybercrime. I believe this development is of significant interest to the legal tech community, both in its legal foundation and its technological execution. Read More ...
Regards,
Editorial Board