Income Tax - Page 10

‘Right to collect toll’ being intangible asset eligible to depreciation U/s. 32(1)(ii)

ITO Vs M/s. Ashoka Highways (Bhandara) Ltd. (ITAT Pune)

Depreciation on right to collect toll being infrastructure and not on toll road, where cost incurred for development and construction of infrastructure facility was a right in nature of intangible asset falling within purview of section 32(1)(ii). Order of AO in amortizing expenditure over period of facility and allowing the same was reve...

Read More

Interest earned on deposit of surplus funds – Business Income?

Hindustan Unilever Ltd. Vs A CIT (ITAT Mumbai)

 Interest earned on deposit of surplus funds could not be taxed as business income in view of the fact assessee was not in the business of money-lending....

Read More

Addition U/s 68 justified on failure to substantiate gift with supportive evidences

Vicky Jethani Vs ITO (ITAT Jaipur)

Income from undisclosed sources--Addition under section 68--No documentary evidences- As assessee failed to substantiate gift transaction with supportive evidences, AO was justified in making addition under section 68....

Read More

Licence fee paid for using MS Office software cannot be treated as Capital expenditure-

M/s. ILink Multitech Solutions Pvt. Vs DCIT (ITAT Cheenai)

By purchasing licence to use MS Office software assessee received enduring benefit in the course of earning of profit, however, it did not become owner of the software, therefore, licence fee could not be treated as capital expenditure....

Read More

Additions u/s 68 merely for not producing directors of investment companies is not sustainable

Income Tax Officer Vs BSNI Commercial Pvt. Limited (ITAT Kolkata)

Whether Additions u/s 68 merely on the ground that the assessee could not produce the directors of the share subscribing companies is sustainable....

Read More

Penalty order u/s 271D & 271E would reckon from date when SCN was issued by AO

Income Tax Officer Vs Shri Prashant Sharma (ITAT Jaipur)

Penalty order u/s 271D and 271E would reckon from the date when the show cause notice was issued by the AO and not from the date when the show cause notice was issued by the Joint Commissioner who is competent to pass the penalty orders....

Read More

Appeal (High Court)–statute confers a limited right of appeal only in a case which involves substantial question of law

Janardhanam Balaji Vs The Additional Commissioner of Income Tax (Madras High Court)

Janardhanam Balaji Vs ACIT (Madras High Court) Right of appeal is not automatic. When statute confers a limited right of appeal only in a case which involves substantial question of law, it is not open to sit in appeal over factual findings arrived at by AO, CIT(A) and Appellate Tribunal. Hence, appeal was not entertained. […]...

Read More

Situs of owner of intangible asset, would be closest approximation of situs of intangible asset

M/s. Lal Products Vs Intelligence Officer (Kerala High Court)

M/s. Lal Products Vs Intelligence Officer (Kerala High Court) Hon’ble Kerala High Court had an occasion to determine the situs of sale of incorporeal goods namely, patents and trademarks when the contract of sale was executed by the Appellant in the state of Gujarat where they had one operating manufacturing plant while the HO of [&hell...

Read More

HC on issue of prosecution notice despite admission of Appeal by HC

M. Suresh Company Pvt Ltd Vs Pr. CIT (Bombay High Court)

M. Suresh Company Pvt Ltd Vs Pr. CIT (Bombay High Court) 1. This Motion is taken by the appellant assessee in Income Tax Appeal No. 738 of 2016. The appeal arises out of a judgment of the Income Tax Appellate Tribunal confirming penalty against the assessee under Section 271(1)(c) of the Income Tax Act, 1961. […]...

Read More

Date of allotment is date on which purchaser can be stated to have acquired the property

Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court)

Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) During the course of assessment the Assessing Officer examined this claim and came to the conclusion that the gain arising out of sale of capital asset was a short term capital gain. The controversy between the assessee and the revenue revolves around the question as to when […]...

Read More

Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.