Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...
Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
Income Tax : Section 194N requires banks, co-operative banks and post offices to deduct TDS on cash withdrawals above prescribed limits, with h...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : ITAT Delhi quashed a ₹65 lakh penalty under Section 271D after finding that no assessment was made for the relevant year and no ...
Income Tax : The Tribunal examined whether reassessment proceedings could be initiated after the NCLT declared a moratorium under the Insolvenc...
Income Tax : The Tribunal examined whether unsecured loans could be accepted solely on the basis of loan confirmations. It held that confirmati...
Income Tax : The Tribunal examined whether donations made as part of CSR obligations could qualify for deduction under Section 80G. It held tha...
Income Tax : The Court upheld deletion of the LTCG addition after finding that the Revenue relied on assumptions rather than evidence. Document...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The ITAT Kolkata set aside the appellate order on penalty under Section 270A and remanded the matter to the CIT(A). The Tribunal held that the penalty issue should be reconsidered along with the pending quantum appeal.
The Tribunal held that Section 69 could not be invoked where YEIDA payments were recorded in the books and funded through an RBI-registered NBFC. The ruling emphasizes that explained and documented sources of investment cannot be treated as unexplained investments.
The Tribunal held that reopening under Section 147 cannot rest merely on information received from the Investigation Wing or Insight Portal. Since the Assessing Officer conducted no independent enquiry or verification, the reassessment proceedings were quashed.
The Tribunal held that offshore supply receipts could not be taxed under Section 44BB where the Revenue failed to prove the existence of a Permanent Establishment in India. The addition of Rs. 99.50 crore was therefore deleted.
ITAT held that execution and registration of a sale deed completes the transfer for capital gains purposes. Delayed receipt of sale consideration or dishonoured cheques cannot postpone taxability when the registered transfer remains valid.
The ITAT Kolkata held that cash payments made through agents for procuring paddy from farmers were covered by Rule 6DD exceptions. Consequently, the disallowance under Section 40A(3) was deleted.
The Court held that although notices were sent to the address available in PAN and passport records, the reassessment order could not stand because the assessee was not given an effective opportunity of hearing. The assessment, demand notices, penalties, and recovery proceedings were set aside.
The ITAT Mumbai held that the assessee had satisfactorily explained the source of Rs. 1.25 crore through bank records, PPF withdrawals, and documented fund movements. Since the transactions were verifiable through banking channels, the addition under Section 69 was deleted.
The ITAT Kolkata found that the assessees share capital remained unchanged throughout the year and no fresh capital was received. As a result, the addition under Section 68 for alleged unexplained share capital was deleted.
ITAT Delhi held that a bad debt deduction cannot be denied once the debt is validly written off in the books of account. The Tribunal ruled that proof of actual irrecoverability was not required in view of CBDT circulars and judicial precedent.
