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    June 22, 2026   Case Laws GST
    Legal heirs can face fresh GST adjudication after death of taxable person, limited to inherited estate.
    June 22, 2026   Case Laws GST
    Personal hearing and remand directions require adjudication on the original notice; a second notice was overreaching.
    June 22, 2026   Case Laws GST
    Input tax credit reconciliation: import and SEZ credits could not be denied solely on GSTR-3B versus GSTR-2A mismatch.
    June 22, 2026   Case Laws Income Tax
    Reassessment against a struck-off company is void: notice to a non-existent entity cannot sustain jurisdiction
    June 22, 2026   Case Laws Income Tax
    Change of opinion bars reassessment where audit objections revisit depreciation, goodwill, CSR donations and discount provisions.
    June 22, 2026   Case Laws Income Tax
    Intra-city case transfer without hearing validates transferee officer's jurisdiction and preserves assessment notices already issued
    June 22, 2026   Case Laws Income Tax
    Minimum one-acre housing project rule bars clubbing separate residential land for deduction under section 80IB(10)
    June 22, 2026   Case Laws Income Tax
    Residential house exemption and stamp duty tolerance band applied liberally despite COVID-related construction delay
    June 22, 2026   Case Laws Income Tax
    Late loss return bars carry forward of short-term capital loss; subsequent-year set off denied under filing rule
    June 22, 2026   Case Laws Income Tax
    Year-specific satisfaction note required for section 153C jurisdiction; common mechanical note vitiated assessment where seized material lacked nexus
    June 22, 2026   Case Laws Income Tax
    Consistency in assessee's own case defeats notional interest addition on subsidiary loans; settled view was followed
    June 22, 2026   Case Laws Income Tax
    Unexplained investment in property: banking trail and parent-funded payment defeated section 69 addition despite no gift deed.
    June 22, 2026   Case Laws Income Tax
    Surrendered business income cannot be taxed as unexplained income absent an independent source; business treatment affirmed.
    June 22, 2026   Case Laws Income Tax
    Under-reporting penalty for depreciation disallowance fails where a charitable trust's income remains nil and no tax is payable
    June 22, 2026   Case Laws Income Tax
    Make available test under India-UK DTAA: managerial business support services were not fees for technical services
    June 22, 2026   Case Laws Income Tax
    Convertible debentures remain debt until conversion, and pre-conversion interest plus receivable adjustments need fresh transfer pricing review.
    June 22, 2026   Case Laws Income Tax
    Electronic receipt of DRP directions triggers limitation for final assessment, making a later order time-barred.
    June 22, 2026   Case Laws Income Tax
    Revenue expenditure and business deduction claims upheld for IPL franchise, website, club and employee costs
    June 22, 2026   Case Laws Income Tax
    Working capital adjustment, comparable selection and trade receivables interest were revisited in transfer pricing, with key additions deleted and rem...
    June 22, 2026   Case Laws Income Tax
    Corporate guarantee commission and book profit computation require fact-based allocation and fresh recomputation after Section 14A exclusion
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June 22, 2026   Case Laws GST
Legal heirs can face fresh GST adjudication after death of taxable person, limited to inherited estate.
June 22, 2026   Case Laws GST
Personal hearing and remand directions require adjudication on the original notice; a second notice was overreaching.
June 22, 2026   Case Laws GST
Input tax credit reconciliation: import and SEZ credits could not be denied solely on GSTR-3B versus GSTR-2A mismatch.
June 22, 2026   Case Laws Income Tax
Reassessment against a struck-off company is void: notice to a non-existent entity cannot sustain jurisdiction
June 22, 2026   Case Laws Income Tax
Change of opinion bars reassessment where audit objections revisit depreciation, goodwill, CSR donations and discount provisions.
June 22, 2026   Case Laws Income Tax
Intra-city case transfer without hearing validates transferee officer's jurisdiction and preserves assessment notices already issued
June 22, 2026   Case Laws Income Tax
Minimum one-acre housing project rule bars clubbing separate residential land for deduction under section 80IB(10)
June 22, 2026   Case Laws Income Tax
Residential house exemption and stamp duty tolerance band applied liberally despite COVID-related construction delay
June 22, 2026   Case Laws Income Tax
Late loss return bars carry forward of short-term capital loss; subsequent-year set off denied under filing rule
June 22, 2026   Case Laws Income Tax
Year-specific satisfaction note required for section 153C jurisdiction; common mechanical note vitiated assessment where seized material lacked nexus
June 22, 2026   Case Laws Income Tax
Consistency in assessee's own case defeats notional interest addition on subsidiary loans; settled view was followed
June 22, 2026   Case Laws Income Tax
Unexplained investment in property: banking trail and parent-funded payment defeated section 69 addition despite no gift deed.
June 22, 2026   Case Laws Income Tax
Surrendered business income cannot be taxed as unexplained income absent an independent source; business treatment affirmed.
June 22, 2026   Case Laws Income Tax
Under-reporting penalty for depreciation disallowance fails where a charitable trust's income remains nil and no tax is payable
June 22, 2026   Case Laws Income Tax
Make available test under India-UK DTAA: managerial business support services were not fees for technical services
June 22, 2026   Case Laws Income Tax
Convertible debentures remain debt until conversion, and pre-conversion interest plus receivable adjustments need fresh transfer pricing review.
June 22, 2026   Case Laws Income Tax
Electronic receipt of DRP directions triggers limitation for final assessment, making a later order time-barred.
June 22, 2026   Case Laws Income Tax
Revenue expenditure and business deduction claims upheld for IPL franchise, website, club and employee costs
June 22, 2026   Case Laws Income Tax
Working capital adjustment, comparable selection and trade receivables interest were revisited in transfer pricing, with key additions deleted and remitted.
June 22, 2026   Case Laws Income Tax
Corporate guarantee commission and book profit computation require fact-based allocation and fresh recomputation after Section 14A exclusion

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Home › Highlights › Income Tax › 2024 › December, 2024 › This
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Income Tax

PCIT rightly invoked revisionary jurisdiction u/s 263 as AO...

Revisionary proceedings initiated on depreciation claim for goodwill in slump sale acquisition.

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Income Tax December 19, 2024 Case Laws AT
PCIT rightly invoked revisionary jurisdiction u/s 263 as AO failed to examine assessee's claim of depreciation on goodwill acquired through slump sale. ITAT upheld initiation of revisionary proceedings, set aside assessment order for limited adjudication on depreciation claim. AO directed to decide issue as per law after due verification whether transferor declared profits and paid taxes.
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Acts Income Tax
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