Section 24(1) of the Income Tax Act

Income-tax Act, 2025: s.22

Section 24(1) falls under section 24 of the Income-tax Act, 1961, which corresponds to section 22 (Deductions from income from house property) of the Income-tax Act, 2025.

Read section 22 of the 2025 Act

Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.

The decision most relied on for Section 24(1) is CIT v. Ashaland Corporation (133 ITR 55), cited in 44 of the 68 judgments on BharatTax that turn on this section.

Leading authorities on Section 24(1)

CIT v. Ashaland Corporation
133 ITR 55 · 1982 · High Court
44
citing judgments

Income from the sale of immovable property, including any 'on-money' component, is taxable only when the sale is complete, marked by the execution and registration of the sale deed and/or transfer of possession to the buyer.

Judgments on Section 24(1)

Flotherm Engineers Pvt. Ltd., Chennai vs. DCIT, CC-2(1), Chennai

The appeal stand dismissed

ITA 2998/CHNY/2019[2014-15]Status: DisposedITAT Chennai03 Aug 2022AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Murugaboopathy (Advocate) &For Respondent: Shri AR V Sreenivasan (Addl. CIT)–Ld. DR
Section 14Section 143(3)Section 22Section 24Section 56(1)Section 57

Flotherm Engineers Pvt. Ltd., Chennai vs. DCIT, CC-2(1), Chennai

The appeal stand dismissed

ITA 2997/CHNY/2019[2012-13]Status: DisposedITAT Chennai03 Aug 2022AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Murugaboopathy (Advocate) &For Respondent: Shri AR V Sreenivasan (Addl. CIT)–Ld. DR
Section 14Section 143(3)Section 22Section 24Section 56(1)Section 57

Usk Healthcare Pvt. Ltd., New Delhi vs. ITO, Ward- 27(2), New Delhi

The appeal of the assessee is allowed

ITA 6426/DEL/2019[2015-16]Status: DisposedITAT Delhi21 Jan 2021AY 2015-16

Bench: Shri R. K. Panda & Ms Suchitra Kamble(Through Video Conferencing)

Section 24(1)Section 271Section 271(1)(c)

ITO, Ward - 10(2), Kolkata vs. Pratap Properties Limited, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 742/KOL/2018[2012-13]Status: DisposedITAT Kolkata16 Oct 2019AY 2012-13

Bench: Shri A. T. Varkey, Jm & Shri A.L.Saini, Am]

Section 133(6)Section 142(1)Section 68

Virendra Ramanlal Soni vs. Deputy Commissioner of Income Tax

SCA/9974/2019HC Gujarat11 Jun 2019

Bench: Passing Final Order Under The Provisions Of The Prohibition Of Benami Property Transactions Act, 1988 (“The Benami Act” For Short). 2. Learned Advocate For The Petitioner Submitted That The Petitioner Was Issued A Summons On 03.12.2018 Under Section 19(1)(B) Of The Benami Act, To Which The Petitioner Had Submitted His Reply. Thereafter, There Were Exchanges Of Communications By Both Sides Seeking Certain Documents, Which Were Replied. The Provisional Attachment Order Was Passed Under Section 24(3) Of The Page 1 Of 8

Section 143(3)Section 147(1)Section 148(2)Section 153Section 19Section 19(1)(b)Section 24(1)Section 24(2)Section 24(3)

Surinco Workwear P. Ltd, Mumbai vs. ITO 8(3)(2), Mumbai

ITA 1290/MUM/2017[2009-10]Status: DisposedITAT Mumbai01 May 2019AY 2009-10

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1290/Mum/2017 (नििाारण वर्ा / Assessment Year : 2009-10 बिाम/ M/S. Surinco Workwear Ito 8(3)(2) Private Ltd., R.No. 412, 36, Marol Industrial Aayakar Bhavan, V. Estate, Mumbai 400021 M. Vasanji Road, Andheri (E), Mumbai-400 059 स्थायी ऱेखा सं./ Pan: Aaacs5694K (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Ms. Heena Sheth Revenue By: Shri. O.P Meena (Dr) सुनवाई की तारीख /Date Of Hearing : 04.02.2019 घोषणा की तारीख /Date Of Pronouncement : 01.05.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 1290/Mum/2017, Is Directed Against Appellate Order Dated 01.11.2016 In Appeal No. Cit(A)-18/It-126/Ito-8(3)(2)/14-15, Passed By Learned Commissioner Of Income Tax(Appeals)-18, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2009-10, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Penalty Order Dated 28.03.2014 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 271(1)(C) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2009- 10. I.T.A. No.1290/Mum/2017

For Appellant: Ms. Heena ShethFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 204Section 271(1)(c)Section 274Section 41(1)

Global Perspectives Ltd., Gurgaon vs. DCIT, Circle-1(1), Gurgaon

In the result, appeal of the assessee is allowed

ITA 7800/DEL/2017[2014-15]Status: DisposedITAT Delhi21 Dec 2018AY 2014-15
For Appellant: Sh. Salil Aggarwal, Adv & ShFor Respondent: Sh. Surender Pal, Sr. DR
Section 143(3)Section 24(1)Section 274

P.C. Pantulu, Hyderabad vs. ACIT, Circle-1(2), Hyderabad

In the result, appeals for the AYs

ITA 278/HYD/2017[2003-04]Status: DisposedITAT Hyderabad03 Aug 2018AY 2003-04

Bench: Shri B. Ramakotaiah

For Appellant: Shri P. Murali Mohan Rao, ARFor Respondent: Shri Nilanjan Dey, DR
Section 143(1)Section 143(1)(a)Section 147Section 148Section 154Section 24(1)Section 24(2)Section 71Section 71(3)

P.C. Pantulu, Hyderabad vs. DCIT, Circle-1(2), Hyderabad

In the result, appeals for the AYs

ITA 277/HYD/2017[2002-03]Status: DisposedITAT Hyderabad03 Aug 2018AY 2002-03

Bench: Shri B. Ramakotaiah

For Appellant: Shri P. Murali Mohan Rao, ARFor Respondent: Shri Nilanjan Dey, DR
Section 143(1)Section 143(1)(a)Section 147Section 148Section 154Section 24(1)Section 24(2)Section 71Section 71(3)

P.C. Pantulu, Hyderabad vs. ACIT, Circle-1(2), Hyderabad

In the result, appeals for the AYs

ITA 275/HYD/2017[2001-02]Status: DisposedITAT Hyderabad03 Aug 2018AY 2001-02

Bench: Shri B. Ramakotaiah

For Appellant: Shri P. Murali Mohan Rao, ARFor Respondent: Shri Nilanjan Dey, DR
Section 143(1)Section 143(1)(a)Section 147Section 148Section 154Section 24(1)Section 24(2)Section 71Section 71(3)

ITO 15(3)(1), Mumbai vs. Third Eye Estates P.Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 1005/MUM/2015[2010-11]Status: DisposedITAT Mumbai13 Nov 2017AY 2010-11

Bench: Shri P K Bansal & Shri Pawan Singhassessment Year : 2010-11 Ito 15(3)(1) Third Eye Estates Pvt Ltd, Mumbai B/3301-3302 Oberoi Spring, Vs. Off Link Road, Andheri (W), Mumbai

For Appellant: Shri V JustinFor Respondent: Shri Hiro Rai
Section 24(1)

M/S Morgan Walker & Co. Ltd., Kolkata vs. ACIT, Cen. Cir-2(1), Kolkata

In the result, the appeal of the assessee is partly allowed

ITA 1108/KOL/2016[2008-09]Status: DisposedITAT Kolkata31 May 2017AY 2008-09
For Appellant: Shri Soumitra Choudhury, Advocate, ld.ARFor Respondent: Md. Ghyas Uddin, JCIT, ld.Sr.DR
Section 143(3)

M/S. Jmd Realtors Pvt. Ltd., New Delhi vs. ACIT, Faridabad

In the result appeal of assessee is allowed for statistical purposes

ITA 2535/DEL/2015[2005-06]Status: DisposedITAT Delhi05 May 2017AY 2005-06

Bench: Shri Bhavnesh Sainiassessment Year : 2005-06

For Appellant: Shri S.S. Kalra, CAFor Respondent: Date of Hearing
Section 143(3)Section 147Section 148Section 24(1)

Ambience Business Services P.Ltd, Mumbai vs. Asst CIT Cir 6(1), Mumbai

ITA 6502/MUM/2013[2005-06]Status: DisposedITAT Mumbai13 Jan 2017AY 2005-06

Bench: Shri G.S.Pannu (Am) & Shri. Ram Lal Negi (Jm)

For Appellant: Shri. Raja B.SinghFor Respondent: Shri. A. Ramachandran &
Section 143(3)Section 24(1)Section 30Section 37Section 57

DCIT Cen Cir 6(1), Mumbai vs. Ambience Advertising P. Ltd, Mumbai

ITA 5216/MUM/2011[2006-07]Status: DisposedITAT Mumbai13 Jan 2017AY 2006-07

Bench: Shri G.S.Pannu (Am) & Shri. Ram Lal Negi (Jm)

For Appellant: Shri. Raja B.SinghFor Respondent: Shri. A. Ramachandran &
Section 143(3)Section 24(1)Section 30Section 37Section 57

DCIT Cen Cir 6(1), Mumbai vs. Ambience Advertising P. Ltd, Mumbai

ITA 5215/MUM/2011[2005-06]Status: DisposedITAT Mumbai13 Jan 2017AY 2005-06

Bench: Shri G.S.Pannu (Am) & Shri. Ram Lal Negi (Jm)

For Appellant: Shri. Raja B.SinghFor Respondent: Shri. A. Ramachandran &
Section 143(3)Section 24(1)Section 30Section 37Section 57

ITO 6(1)(3), Mumbai vs. Ambience Business Services P. Ltd, Mumbai

ITA 8945/MUM/2010[2007-08]Status: DisposedITAT Mumbai13 Jan 2017AY 2007-08

Bench: Shri G.S.Pannu (Am) & Shri. Ram Lal Negi (Jm)

For Appellant: Shri. Raja B.SinghFor Respondent: Shri. A. Ramachandran &
Section 143(3)Section 24(1)Section 30Section 37Section 57

The Additional Commnr.of C.Taxes, Bangalo vs. Ayili Stone Industries Etc.Etc

C.A. No.-001983-002039 - 2016Supreme Court18 Oct 2016

Bench: DIPAK MISRA SHIVA KIRTI SINGH

Section 12Section 12ASection 24(1)Section 6B

Vinod Harbanslal Kheterpal, Thane vs. Asst CIT Cen Cir 46, Mumbai

In the result, the assessee’s appeal is treated as partly allowed for statistical purposes

ITA 2739/MUM/2014[2008-09]Status: DisposedITAT Mumbai30 Mar 2016AY 2008-09

Bench: Shri Jason P. Boaz (Am) & Shri Sandeep Gosain (Jm) Assessment Year: 2008-09

For Appellant: Ms. Usha GopalanFor Respondent: Shri. Vivek Batra
Section 143(3)Section 23(4)(b)Section 24(1)Section 68

Atiqurehman Imtiyaz Ahmed Atlaswala, Mumbai vs. ACIT 17(3), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 1085/MUM/2013[2008-09]Status: DisposedITAT Mumbai08 Jan 2016AY 2008-09

Bench: Shri N.K.Billaiya & Shri Pawan Singhassessment Year: 2008-09 Atiqurehman Imtiyaz Ahmed Atlaswala, Acit, Cir 17(3), 21Nd Ghelabhai Street, Madanpura, Piramal Chambers, Parel, Vs. Mumbai-400058. Mumbai-400012. Pan: Aafpa4566L (Appellant) (Respondent)

For Appellant: Shri Deepak TralshawalaFor Respondent: Shri A. Ramachandran (DR)
Section 24(1)Section 37