Income Tax Bulletin April 2025
Judicial Updates :-
- The term ‘relative’ construed expansively to cover step brother- sister relationship, thus exempting Gifts despite uncommon parent.
- Proviso to section 2(15) not applicable if there is no intent to earn profit from activities, confirming eligibility for exemption u/s11:
- Director’s Remuneration cannot be disallowed if it is compliant with Companies Act and no adverse action taken by MCA:
- Excise-duty exemption for setting up of new unit cannot be taxed as revenue receipt:
- Assessment cannot be re-opened merely because AO failed to disallow some expenses.
- Deletes Sec. 69 addition given Assessee opted for presumptive taxation u/s 44AD.