Income Tax Bulletin July 2025
Judicial Updates :-
- Deduction for ‘Downside on Sale of Flats’ is a business loss. Addition cannot be made under section 69C
- Prior‑Period Expense Argument rejected and allowed Business Loss Claim Given No Loss to Exchequer
- Addition under section 68 cannot be made for credit towards share capital & reserves to LLP partners’ account on conversion
- Section 54F benefit to be allowed to a tenant in respect of Developer‑Paid Flat Purchase
- Waiver of sales tax liability constitutes business benefit, thus taxable u/s 28(iv)
- Trade Discount is not commission. So, no TDS Deduction is Required
Circulars/ Notifications :-
- CBDT Extends Timeline for Processing ITRs for AY 2023-24 under Section 143(1):
- CBDT Relaxes Time Limit for Processing Delayed Returns Filed Pursuant to
- Condonation under Section 119(2)(b)