Section 70 of the Income Tax Act

The decision most relied on for Section 70 is PCIT v. Bhanuprasad D. Trivedi, HUF (87 Taxmann.com 137), cited in 29 of the 66 judgments on BharatTax that turn on this section.

Leading authorities on Section 70

PCIT v. Bhanuprasad D. Trivedi, HUF
87 Taxmann.com 137 · 2017 · High Court
29
citing judgments

Income from assets held by a Hindu Undivided Family (HUF) cannot be treated as business income if the primary purpose is investment, not business operations.

Goodyear (I) Ltd. v. ITO
73 ITD 189 · 2000 · ITAT
27
citing judgments

Expenditure incurred for the transfer of the use of licenses, without acquiring ownership rights or an enduring benefit, constitutes revenue expenditure. Such payments are allowable as a deduction if they are directly relatable to services in the revenue field.

JCIT v. Montgomery Emerging Marketing Funds,\n
100 ITD 217 · 2006 · ITAT
23
citing judgments
Kishorebhai Bhikhabhai Virani v. ACIT
367 ITR 261 · 2014 · High Court
22
citing judgments
Raptakos Brett & Co. Ltd. v. DCIT
69 SOT 383 · 2015 · ITAT
20
citing judgments
CIT v. Gujarat Carbon Ltd.
254 ITR 294 · 2002 · High Court
19
citing judgments
Assistant Commissioner of Income Tax, Tirupur v. Velayudhaswamy Spinning Mills (P.) Ltd.
76 Taxmann.com 176 · 2016 · Supreme Court
19
citing judgments
ACIT v. J.P. Morgan India Investment Company Mauritius Limited
143 Taxmann.com 82 · 2022 · ITAT
18
citing judgments
CIT v. Karamchand Premchand Ltd.
40 ITR 106 · 1960 · Supreme Court
18
citing judgments
Royal Calcutta Turf Club v. CIT
144 ITR 709 · 1983 · High Court
15
citing judgments

Judgments on Section 70

COROMANDEL INTERNATIONAL LIMITED,HYDERABAD vs. DCIT., CIRCLE-2(2), HYDERABAD

In the result the appeal of the assessee is partly allowed for statistical purposes

ITA 738/HYD/2025[2015-2016]Status: DisposedITAT Hyderabad18 Mar 2026AY 2015-2016

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdiaआयकर अपीलसं./I.T.A. No.738/Hyd/2025 ("नधा"रणवष"/ Assessment Year:2015-16) Coromandel International Vs. Dcit, Limited, Circle-2(2), Hyderabad. Hyderabad. Pan: Aaacc7852K (अपीलाथ"/ Appellant) (""यथ"/ Respondent) करदाताका""त"न"ध"व/ : Shri Sp Chidambaram, Advocate Assessee Represented By राज"वका""त"न"ध"व/ : Ms. U. Mini Chandran, Cit-Dr Department Represented By सुनवाईसमा"तहोनेक""त"थ/ : 02/03/2026 Date Of Conclusion Of Hearing घोषणा क" तार"ख/ : 18/03/2026 Date Of Pronouncement Order Per Madhusudan Sawdia, A.M.: This Appeal Is Filed By Coromandel International Limited (“The Assessee”), Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (“Ld. Cit(A)”) Dated 24/02/2025 For The Assessment Year (“A.Y.”) 2015-16. Page 1 Of 17 Coromandel International Limited Vs. Dcit 2. The Assessee Has Raised The Following Grounds Of Appeal:

Section 250Section 32Section 32(1)(ii)Section 35

DIVYA DINESH ,BENGALURU vs. DCIT, CIRCLE-7(1)(1), BANGALORE

ITA 2195/BANG/2025[2021-22]Status: DisposedITAT Bangalore24 Feb 2026AY 2021-22

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

Section 115BSection 143(1)Section 154Section 250Section 80G

MAX SQUARE LTD,NOIDA vs. ITO WARD-5(1)(5), NOIDA

In the result, the appeal of the assessee is dismissed

ITA 4100/DEL/2025[2021-22]Status: DisposedITAT Delhi13 Feb 2026AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal[Assessment Year : 2021-22] Max Square Ltd. Vs Ito L-12, Max Tower, Sector-16-B Ward-5(1)(5) Gautam Budha Nagar Noida Noida, Uttar Pradesh-201301 Pan-Aagcn5808G Appellant Respondent Appellant By Shri Anil Bhalla, Ca & Shri Nitin Kumar Sharma, Ca Respondent By Shri Gouranga Chandra Das, Sr. Dr Date Of Hearing 08.12.2025 Date Of Pronouncement 13.02.2026 Order Per Manish Agarwal, Am : The Present Appeal Is Filed By Assessee Against The Order Dated 30.05.2025 Of Ld. Commissioner Of Income Tax (A), National Faceless Appeal Centre (“Nfac”), Delhi [“Ld. Cit(A)”] In Appeal No. Nfac/2020-21/10308419 Passed U/S 250 Of The Income Tax Act, 1961 [“The Act”] Arising Out Of Assessment Order Dated 07.12.2023 Passed U/S 143(3) R.W.S. 144B Of The Act Pertaining To Assessment Year 2021-22. 2. Brief Acts Of The Case Are That The Assessee Is A Company, Engaged In The Business Of Real Estates Development & Started Construction Of Commercial Complex Project “Max Square” At Sector 129, Noida. The Assessee Borrowed Funds From Indusind Bank Amounting To Inr 29.45 Crores For The Construction & Further Raised Funds Through Issue Of Equity/Ccd’S. The Funds Which Remained Un-Utilized, Were Invested Temporary In Fdrs From Which Interest Was Received Of Inr 63,77,502/- & Was Credited To The Cost Of Construction. However, The Ao Has Held The Same As Taxable Under The Head “Income From Other Sources”.

Section 143(3)Section 250

AMIT BHOLANATH MISHRA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 22(1), MUMBAI, MUMBAI

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

ITA 7219/MUM/2025[2016-17]Status: DisposedITAT Mumbai19 Jan 2026AY 2016-17

Bench: Shri Amit Shukla & Shri Makarand Vasant Mahadeokaramit Bholanath Mishra Acit Circle 22(1), 502, Heena Elegance, Piramal Chamber, Saibaba Nagar, Borivali Vs. Lal Baug, Parel, (West), Mumbai-400 092 Mumbai-400 012 Pan/Gir No. Aampm3121G (Applicant) (Respondent) Assessee By Shri Rakesh Joshi, Ld. Ar Revenue By Shri Surendra Mohan, Ld. Dr Date Of Hearing 14.01.2026 Date Of Pronouncement 19.01.2026

Section 143(3)Section 250Section 271(1)(c)Section 50Section 70

ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF (AS A SUCCESSOR TO ISHARE CORE TAOTAL INTERNATIONAL STOCK MAURITIUS COMPANY ),MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical purposes

ITA 6774/MUM/2025[2023-24]Status: DisposedITAT Mumbai02 Jan 2026AY 2023-24

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

ISHARES CORE MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES CORE EMERGING MARKETS MAURITIUS COMPANY ,MUMBAI vs. DCIT (TP) 2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical purposes

ITA 6051/MUM/2025[2023-24]Status: DisposedITAT Mumbai02 Jan 2026AY 2023-24

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

For Appellant: Shri Pranav GandhiFor Respondent: Shri Satya Pal Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 144C(5)Section 70Section 70(2)

V RAMAKRISHNAN,CHENNAI vs. DCIT CENTRAL CIRCLE III(4), CHENNAI

In the result, the appeal for the A

ITA 2197/CHNY/2005[1999-2000]Status: DisposedITAT Chennai26 Dec 2025AY 1999-2000

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

For Appellant: Shri. N. Arjun Raj, AdvocateFor Respondent: Shri. Bipin. C.N., C.I.T
Section 132Section 148Section 15Section 158BSection 17(1)(iv)

ASSISTANT COMMISSIONER OF INCOME-TAX,, PUNE vs. M/S. VISTEON ENGG. CENTRE (I) PVT. LTD.,, PUNE

In the result, appeal filed by the Revenue is dismissed

ITA 625/PUN/2016[2011-12]Status: DisposedITAT Pune28 Nov 2025AY 2011-12

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.625/Pun/2016 Assessment Year : 2011-12

For Appellant: Shri Amit BobdeFor Respondent: Shri Paras S. Savla
Section 10ASection 143(3)

MUKUT BEHARI LAL BHARGAVA,GURGAON vs. ACIT, CIRCLE(2)1, GURGAON

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

ITA 2012/DEL/2025[2016-17]Status: DisposedITAT Delhi26 Nov 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwalmukut Behari Lal Bhargava, Acit, Lcg 05, 04B Laburnum Complex, Circle-2(1), 1 4Th Floor, Sushant Lok 1, Vs. Gurgaon. Block-A, Sector-28 Haryana-122009. Pan-Adipb9356P (Appellant) (Respondent) Assessee By None Department By Shri Pradumna Kumar Singh, Sr. Dr Date Of Hearing 03.09.2025 Date Of Pronouncement 26.11.2025 O R D E R Per Manish Agarwal, Am: This Appeal Is Filed By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Cit(A) In Short] In Appeal No. Cit(A), Gurugaon-1/10738/2018-19 Dated 05.02.2025 Passed U/S 250 Of The Income Tax Act, 1961 (The Act, In Short) For Assessment Year 2016-17. 2. Brief Facts Of The Case Are That The Assessee Is An Individual & Filed Its Return Of Income Declaring Total Income Of Rs.1,20,41,040/-. The Case Of The Assessee Was Selected For Limited Scrutiny & During The Course Of Assessment Proceedings, The Assessing Officer Has Issued Various Notices Which Were Replied By The Assessee. Mukut Behari Lal Bhargava Vs. Acit 3. Thereafter, The Assessment Order Was Passed At A Total Income Of Rs.1,79,36,182/- By Making Disallowance On Account Of Expenses Claimed On Costs Of Improvement Of Capital Asset, Disallowance Of Carry Forward Of Short Term Capital Gains & Long Term Capital Loss & Also Denied The Deduction Claimed U/S 80G Of The Act.

Section 250Section 271Section 80G

FLORIDA RETIREMENT SYSTEM ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION -2(3)(1), MUMBAI

The appeal stands allowed in the aforesaid terms

ITA 1866/MUM/2025[2022-23]Status: DisposedITAT Mumbai21 Nov 2025AY 2022-23

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 115ASection 144Section 144CSection 234Section 234BSection 270ASection 70Section 70(2)

SAHARA INDIA CORP INVESTMENT LTD,LUCKNOW vs. ACIT, CENTRAL CIRCLE-1, NEW DELHI

The appeal of the assessee is partly allowed as above

ITA 1750/DEL/2022[2017-18]Status: DisposedITAT Delhi31 Oct 2025AY 2017-18

Bench: Shri Yogesh Kumar U.S. & Shri Avdhesh Kumar Mishraita No.1750/Del/2022, A.Y. 2017-18 Sahara India Corp Investment Assistant Commissioner Ltd., Of Income Tax, I-Kapoorthala Complex, Vs. Central Circle–1, Aliganj, Lucknow, Up Jhandewalan, New Delhi Pan: Aaacs1707R (Appellant) (Respondent) Appellant By Sh. Aditya Vohra, Advocate Sh. Arpit Goyal, Advocate Respondent By Sh. Ajay Kumar Arora, Sr. Dr Date Of Hearing 10/10/2025 Date Of Pronouncement 31/10/2025 Order Per Avdhesh Kumar Mishra, Am This Appeal For The Assessment Year (‘Ay’) 2017-18 Filed By The Assessee Is Directed Against The Order Dated 07.06.2022 Of The Commissioner Of Income Tax (Appeals)-23, New Delhi [‘Cit(A)’].

DADAR AVANTI CO-OPERATIVE HOUSING SOCIETY LIMITED,DADAR MUMBAI vs. INCOME TAX ITO WARD 22(1)(6), MUMBAI

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

ITA 3429/MUM/2025[2013-2014]Status: DisposedITAT Mumbai22 Sept 2025AY 2013-2014

Bench: Shri Sandeep Gosain

Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

THANE ZILLA VIDYASEVAK SAHAKARI PATPEDHI LTD,MUMBAI vs. ITO, WARD 3(4), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 4900/MUM/2025[2018-19]Status: DisposedITAT Mumbai18 Sept 2025AY 2018-19

Bench: Ms. Kavitha Rajagopal & Smt. Renu Jauhrithane Zilla Vidyasevak Vs. Commissioner Of Income Sahakari Patpedhi Ltd. Tax (Appeals), National Through Mr. Sudhir Evram Faceless Appeal Centre/ Ghagas Chairman 1St Floor, Ward 3(4) Sundera Plaza, Near Sanai Ashar It Park, Neheru Mangal Hall, Kalyan (West), Nagar, Wagle Industrial Kalyan-421301. Estate, Thane West, Thane- 400604. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadft4365L Appellant .. Respondent

For Appellant: Shri Shekhar Parwardhan, CAFor Respondent: Shri Hemanshu Joshi, Sr. DR
Section 143(3)Section 250Section 80P(2)(a)Section 80P(2)(d)

THE HARSIDDHI CO. OP. CREDIT SOCIETY LTD.,PANCHMAHAL vs. THE ACIT, ANAND CIRCLE, ANAND

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

ITA 1765/AHD/2024[2020-21]Status: DisposedITAT Ahmedabad17 Sept 2025AY 2020-21

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinhaassessment Year: 2020-21

Section 143(3)Section 234ASection 270ASection 80P(2)(a)Section 80P(2)(d)

KAMAL KANT,DELHI vs. ITO, WARD-54(1), DELHI

In the result, the appeal of the assessee is allowed for statistical purpose

ITA 3594/DEL/2023[2009-10]Status: DisposedITAT Delhi17 Sept 2025AY 2009-10

Bench: Sh. Sudhir Kumar & Sh. Manish Agarwalassessment Year: 2009-10 Kamal Kant Vs. Income Tax Officer Ward K-15 South Extension –One 54(1) Civic Centre Delhi New Delhi 110049 Pan No. Aaipk 1374K (Appellant) (Respondent)

Section 143(1)Section 154Section 234ASection 43(5)(d)Section 70Section 70aSection 71(2)

DHARMENDRASINH NIRMALSINH GOHIL,BHAVNAGAR vs. THE ITO, WARD-1(9), BHAVNAGAR

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 825/AHD/2025[2013-14]Status: DisposedITAT Ahmedabad25 Aug 2025AY 2013-14

Bench: Dr. Brr Kumar & Ms. Suchitra Kamble

For Appellant: Shri Mohit Balani, A.RFor Respondent: Shri Abhijit, Sr. DR
Section 1Section 132Section 142(1)Section 143(2)Section 144BSection 147Section 234ASection 271(1)(c)Section 68Section 70

INCOME TAX OFFICER, JAIPUR vs. GOENKA JEWELLERS, JAIPUR

In the result, Ground No. 2 raised by the revenue is also dismissed

ITA 402/JPR/2018[2009-10]Status: DisposedITAT Jaipur14 Aug 2025AY 2009-10

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalito, Ward 2(1), Jaipur ...... Appellant

For Appellant: Mr. Nishit Gandhi, Adv. (thro. VH), Ld. ARFor Respondent: Mrs. Alka Gautam, CIT, Ld. DR
Section 10ASection 127Section 142(1)Section 143(3)Section 147Section 148Section 250Section 72Section 74

SABEENA SILK MILLS ,MUMBAI vs. INCOME TAX OFFICER 31(1)(1), MUMBAI

In the result, the appeal of the assessee bearing ITA No

ITA 1508/MUM/2025[2021-22]Status: DisposedITAT Mumbai14 Aug 2025AY 2021-22

Bench: Shri Narndra Kumar Billaiya & Shri Anikesh Banerjeesabeena Silk Mills Vs Income-Tax Officer 31(1)(1), Apurva Industrial Estate, Mumbai, Majwana Road, Marol Kautilya Bhavan, Bkc, Bandra, Mumbai-400 059 Mumbai-400 051 Pan: Aabfs3210R Appellant Respondent

For Appellant: Shri H.N. MotiwalaFor Respondent: Shri Leyaqat Ali Aafaqui (SR.DR.)
Section 143(1)Section 154Section 250Section 50

MAHARAWAL KHEWAJI TRUST,,FARIDKOT vs. DCIT, C-1 (E), CHANDIGARH

In the result, Assessee’s appeal is dismissed

ITA 569/CHANDI/2019[2015-16]Status: DisposedITAT Chandigarh06 Aug 2025AY 2015-16

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 569/Chd/2019 "नधा"रण वष" / Assessment Year : 2015-16 Maharawal Khewaji Trust Dcit, C/O J K Gupta, ] बनाम Circle 1 Advocate, (Exemption), Vs. 4702, Hospital Bazar, Chandigarh. Bathinda. "थायी लेखा सं./Pan No: Aaatm2875R अपीलाथ"/Appellant ""यथ"/Respondent ( Virtual Hearing ) "नधा"रती क" ओर से/Assessee By : None राज"व क" ओर से/ Revenue By : Smt Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 14.05.2025 उदघोषणा क" तार"ख/Date Of Pronouncement : 06.08.2025 आदेश/Order Per Krinwant Sahay, Am: Appeal In This Case Has Been Filed By The Assessee Against The Order Dated 15.02.2019 Of Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi.

For Appellant: NoneFor Respondent: Smt Kusum Bansal, CIT DR
Section 12ASection 70

ISHANA CAPITAL MASTER FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(2)(1), MUMBAI

In the result the appeal filed by the assessee stands allowed

ITA 2029/MUM/2025[2022-23]Status: DisposedITAT Mumbai31 Jul 2025AY 2022-23

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

Section 111ASection 115ASection 143(3)Section 144C(13)Section 144C(5)Section 270ASection 274Section 70Section 70(2)

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