Income Tax Weekly Flashback: 8 To 14 June 2025

Income Tax Weekly Flashback for the period from 8 to 14 June 2025.

Delhi High Court

NRI Entitled to Full TDS Credit on Property Sale Despite Buyer’s Lapse; Delhi HC Orders Correction of Records and Refund Computation

The Delhi High Court has held that the Non-Resident Indian (NRI) is entitled to full Tax Collected At Source (TDS) Credit on property sale despite the buyer’s lapse.

Rs. 25.3 Lakh Cash Seizure by DGGI, Income Tax Dept.: Delhi High Court Refuses To Interfere

The Delhi High Court has declined to grant interim relief to the petitioner firm seeking the release of Rs. 25.3 lakh in cash seized by  Directorate General of GST Intelligence (DGGI) and income tax department and directed the petitioner to respond to tax notices.

Bombay High Court 

Taxpayer Declared More Tax Than Due, Still Denied SVLDRS Relief: Bombay High Court Intervenes

​​In a classic case where the taxpayer has declared more tax than due under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), the Bombay High Court has held that the benefit of the Amnesty Scheme cannot be denied merely on this basis.

Kerala High Court 

Appeal Against Denial Of Tax Exemption To ICICI Bank Retiree On Retirement Compensation Can’t Be Dismissed For Non-Appearance: Kerala HC

The Kerala High Court has held that the appeal against denial of tax exemption under Section 10(10C) of the Income Tax Act, 1961 to ICICI Bank retiree on retirement compensation cannot be dismissed for non-appearance.

Special court for economic offences 

Bengaluru Court Permits Income Tax Probe of Actor Ranya Rao in Gold Smuggling Case

In a significant development in the high-profile gold smuggling case involving Kannada actor Ranya Rao, a special court for economic offences in Bengaluru has allowed the Income Tax Department to interrogate her in prison. The court rejected objections raised by Rao’s legal counsel and granted permission to record her statement between June 11 and June 13 from 10 AM to 5 PM.

ITAT

No Proof Of Involvement In Penny-Stock Manipulation: ITAT Allows STCG Claim For Genuine Equity Transactions

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has allowed the short term capital gain (STCG) for genuine equity transactions as the department failed to prove the assessee’s involvement in penny-stock manipulation.

ITAT Distinguishes “Commencement Of Business” And “Setting Up Of A Business”; Expenses Incurred After Setting Up Of Business Eligible For Deduction

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that expenses incurred after the ‘date of setting up of the business’ are eligible for income tax deduction.

Tourist Visa for Business Trips Triggers Tax Trouble: ITAT

In a crucial ruling with significant implications for non-resident Indians (NRIs) and overseas entrepreneurs, the Income Tax Appellate Tribunal (ITAT) has upheld the Income Tax Department’s decision to tax the global income of M. Mahadevan, the Chennai-based founder of the Hot Breads bakery chain, for using a tourist visa during his overseas business travels.