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 vehicle forming part of the depr...
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 is taxable as ...
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 service of p...
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 amended by Finance ...
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 application of inco...