Important Tax Decisions of the Year 2025
In case of Swan Defence and Heavy Industries Ltd v. ACIT [2025] GCtR 1501 (Bombay), Order passed by Tax Department w.r.t. TDS default by treating assessee in default has been quashed.
In Narendra I. Bhuva v. ACIT [2025] GCtR 1500 (Bombay), it was held that from perusal of S. 2(14) of the Income Tax Act, 1961 it is evident that capital assets do not include personal effects, that is to say movable property including wearing apparel and furniture but excluding jewellery held for personal use by the Assessee or any other member of his family dependent on him.
In Modi Business Centre Pvt. Ltd v. DC (IT) [2025] GCtR 1499 (Bombay), the issue of lending monies to sister concerns and the business activity of the Assessee was decided in context of Income-tax Act, 1961.
In St. Anne's Church v. CIT (E) [2025] GCtR 1498 (Bombay), effect of non-filing for Form 10 was explained and order under S.119(2)(b) of Income-tax Act, 1961 was quashed.
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