Direct Tax Weekly Flashback: 4 To 10 May 2025

Direct Tax Weekly Flashback for the period 04 to 10 May 2025.

Delhi High Court

Delhi High Court Bars Reassessment After Four-Year Limit, Cites Full Disclosure Of Prior Year Salary Expenses

The Delhi High Court has quashed the reassessment proceedings after four-year limit on the ground that full disclosure of prior year salary expenses.

Reassessment Notice Issued With The Approval Of JCIT Is Invalid: Delhi High Court

The Delhi High Court has quashed the reassessment notice issued with the approval of Joint Commissioner of Income Tax (JCIT).

Extended 10-Year Limitation For Initiating Reassessment Inapplicable Without Escaped Income as ‘Asset’: Delhi High Court

The Delhi High Court has held that the extended 10-year limitation for initiating reassessment inapplicable without escaped income as ‘asset’.

Date of AO’s Receipt of Material U/S 153C To Be Deemed As Date Of Search Or Requisition: Delhi HC

The Delhi High Court has held that the date of ao’s receipt of material under section 153C of the Income Tax Act to be deemed as date of search or requisition.

Genuine Mistake In Treating HUF Partition As Transfer: Calcutta High Court Quashes Income Tax Penalty

The Calcutta High Court has quashed the income tax penalty on the ground of genuine mistake in treating Hindu Undivided Family (HUF) partition as transfer.

Chhattisgarh High Court

Income Tax Penalty Can’t Be Imposed For Cash Repayment Of Loan on Lender’s Instruction To Curb Interest Escalation: Chhattisgarh High Court

The Chhattisgarh High Court has held that the penalty under section 273B of the Income Tax Act cannot be imposed for cash repayment of loan on lender’s instruction to curb interest escalation.

ITAT

Careless Approach Of Faceless AO And Faceless CIT(A): ITAT

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has expressed displeasure for the careless approach of Faceless AO and Faceless CIT(A).

No Income Tax On Incentives Received In Form Of Excise Duty Refund, Sales Tax Remission, Sales/VAT Input Tax Refund: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that no income tax is payable on incentives received in form of excise duty refund, sales tax remission, sales/vat input tax refund.