Tax Beats #10 - Income-tax Act, 2025 Distilled with Anish Thacker

GSTAT: Concludes anti-profiteering probe against Nirma over non-passing of ITC benefit to consumers

• In Favour of Appellant
• Citation Number : TS-912-GSTAT(DEL)-2025-GST

GSTAT: Concludes anti-profiteering probe noting ITC-to-purchase value ratio decline post-GST for multiple IREO projects

• In Favour of Appellant
• Citation Number : TS-911-GSTAT(DEL)-2025-GST

GSTAT: Concludes anti-profiteering probe noting ‘voluntary’ passing on of ITC benefit to IOCL

• In Favour of Respondent
• Citation Number : TS-910-GSTAT(DEL)-2025-GST

NCLAT: Directs liquidation completion in "shortest possible time”; Dismisses Reliance Realty’s appeal in Independent TV case

NCLT: ‘Local authorities’ bound by approved resolution plan; Bars GMDA from raising pre-CIRP dues

ITAT: Allows property COA basis builder-receipts, but confirms travel-cost disallowance for lack of nexus with sale

• In Favour of Both, Partially
• Citation Number : TS-1457-ITAT-2025(Bang)

NCLT: IBC a summary proceeding; Can't declare 'Cam-Scanned' documents inadmissible at admission stage

HC: Quashes AAR ruling denying exemption on DGCA-approved pilot training; Remands citing circular

• In Favour of Petitioner
• Citation Number : TS-909-HC(ALL)-2025-GST

ITAT: Gift from Brother-in-Law exempt u/s 56(2)(vii), no gift-deed required; Quashes addition

• In Favour of Assessee
• Citation Number : TS-1455-ITAT-2025(Kol)

CBDT notifies Sec.10(46A)(b) exemption for ‘Karnataka Housing Board'

DMCC: The Financial Centre We Already Built

ITAT: Rejects PCIT's 'lack of enquiry' inference; Upholds AO's due enquiry of ESOP cost deduction as legally correct

• In Favour of Assessee
• Citation Number : TS-1454-ITAT-2025(Mum)

ITAT: Criticizes Revenue's contradictory stand on share-sale treated as genuine in prior AY; Deletes Sec. 68 addition

• In Favour of Assessee
• Citation Number : TS-1452-ITAT-2025(Kol)

HC: Information disclosure u/s 66 of PMLA not ‘condition precedent’ for provisional attachment; Allows ED’s appeals

Key Arguments at United States Supreme Court in Blockbuster Tariffs Case; India Finds a Mention

PMLA Round-Up - October, 2025

IBBI: Prescribes undertaking by IP for restitution of Corporate Debtor’s assets attached under PMLA

ITAT: Upholds DVO valuation for LTCG under amended Sec. 142A; Rules Sec. 155(15) inapplicable

• In Favour of Revenue
• Citation Number : TS-1451-ITAT-2025(Kol)

ITAT: Income from tissue culture activity, agricultural income exempt u/s 10(1), not business income

• In Favour of Assessee
• Citation Number : TS-1450-ITAT-2025(Bang)