Income Tax
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Section 68 Addition Crashes – ITAT Mumbai Says Suspicion & Investigation Wing Reports Cannot Replace Evidence
Agricultural Land Also Covered by Section 56(2)(x) – ITAT Upholds Addition Based on DVO Valuation
ITAT Deletes Bogus Purchase Addition as No Evidence Linked Assessee to Alleged Accommodation Entries
ITAT Deletes Demonetization Cash Deposit Addition as Sales Were Recorded in Books
ITAT Quashes Section 263 Revision as AO Conducted Detailed Inquiry into Agricultural Income
ITAT Grants Section 12AB Registration as Missing PAN Details Cannot Make Small Donations Non-Genuine
Delhi HC Rejects Reassessment as AO Repeated Additions Already Set Aside by CIT(A)
No Section 56 Addition as Property Value Difference Was Within 10% Tolerance Band
SC Upholds Reassessment Quash Order Due to Mere Suspicion Without ‘Reason to Believe’
Calcutta HC Quashes Reassessment Due to Mere Suspicion Without Independent Inquiry
Section 40(a)(ia) Disallowance Invalid for Mere Short Deduction of TDS: Bombay HC
Agricultural Land Cannot Be Treated as Capital Asset Due to Subsequent Commercial Use by Purchaser: ITAT Hyderabad
Share Premium Received Through Verified Investors Cannot Be Treated as Bogus Cash Credit: ITAT Delhi
Section 69A Addition Upheld Because Assessee Failed to Explain Source of ₹7.5 Cr Cash: ITAT Delhi
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.
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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.
