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Book profit on sale of a motor vehicle forming part of a continuing depreciable block cannot be taxed separately once the full sale consideration is reduced under Section 43(6)(c).
ITAT Ahmedabad: Suyog Electricals Ltd. v. DCIT, Circle
2(1)(1), Vadodara, ITA No. 1352/Ahd/2025, order dated 25 November 2025.Core Issue: Whether an addition of Rs. 4,83,894, being the
book profit on sale of a motor ve...
Severance compensation constitutes ‘profits in lieu of salary’, not capital receipts, under amended Section 17(3)(iii)
Severance compensation constitutes ‘profits in lieu of salary’, not capital receipts, under amended Section 17(3)(iii)Hyderabad ITAT holds that the severance compensation of Rs. 26,97,912/- received by the Assessee i...
Supreme Court : Upholds High Court’s view that emails to GST Practitioner constitute valid service
Supreme Court : Upholds High Court’s view that emails to GST Practitioner constitute valid serviceSupreme Court dismisses Assessee’s SLP challenging the Delhi High Court’s judgement which had upheld the validity of...
Estimate of value of assets by Valuation Officer [Section 142A]
Estimate of value of assets by Valuation Officer [Section
142A]Section 142A of the Income Tax Act, 1961 was initially
inserted by the Finance (No. 2) Act, 2004, with retrospective effect from
15.11.1972. It was amende...
Concept of Diversion of Income by Overriding Title
Concept of Diversion of Income by Overriding Title
One of the fundamental principles of taxation is to tax
income accruing or deemed to accrue in favour of the assessee. The concept of
diversion of income and applic...
Refusal of Registration under Section 12AA – Whether Educational Activities Constitute Charitable Purpose?
Refusal of
Registration under Section 12AA – Whether Educational Activities Constitute
Charitable Purpose? CIT, Patiala v.
Yadvindra Public School Association, Patiala, ITA-253-2011 (O&M), decided
on 09 Se...
CBDT Notification No. 161/2025, Capital Gains Accounts Scheme (Second Amendment), 2025
Summary of CBDT Notification No. 161/2025
Notification No. 161/2025, dated 19 November 2025, issued under Section 54GA(2) of the Income-tax Act, 1961, introduces the Capital Gains Accounts Scheme (Second Amendment...
CBDT launches 2nd NUDGE initiative to strengthen voluntary compliance in respect of Foreign Assets
Ministry of FinanceCBDT launches 2nd NUDGE initiative to strengthen voluntary compliance in respect of Foreign AssetsUnder the 2nd NUDGE initiative, CBDT will send SMSs and emails from 28th November 2025 to identified ta...
Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property
Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property1. Introduction:-Section 54F of the Income-tax Act, 1961 grants exemption on long-term capital gains arising from the transfer of any ...
Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA
Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA A.
Purpose of CRS and FATCAIn this global...