Income Tax - Page 3

Reassessment solely based on Audit Objection is barred by Provisions of Section 147/148

FIS Global Business Solutions India Pvt. Ltd. Vs PCIT (Delhi High Court)

FIS Global Business Solutions India Pvt. Ltd. Vs PCIT (Delhi High Court) Reliance by the Revenue upon an audit report, cannot be considered as tangible material. This Court is of the opinion that Carlton Overseas Pvt. Ltd. v. Income Tax officer & Ors., (2009) 318 ITR 295 concludes the issue in the present case; the audit objection [...

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Auditor cannot be an accountant for the purposes of Rule 11UA (2)

M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore)

M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore) At the very outset, it was submitted by ld. DR of revenue that as per para 4.2 of the assessment order for Assessment Year 2014-15 and para no. 4.3 of the assessment order for Assessment Year 2015-16, it is noted by the AO that […]...

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Alternative remedy of statutory appeal must be availed before filing Writ in HC

M/s Austees Hydro Power & Construction Company (P) Ltd Vs Union of India and others (Himachal Pradesh HC)

Once the petitioner has got efficacious alternative remedy of statutory appeal, the same ought to have been availed by it before invoking the writ jurisdiction of this Court....

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S. 40A(3) Validity of Cash payments exceeding limit to Electricity Board

Ayub Ali Vs ACIT (ITAT Jaipur)

Ayub Ali Vs ACIT (ITAT Jaipur) The assessee has entered into an agreement with a Government Hospital in Bikaner whereby it operates the MRI and CT Scan machines. The nature of such activities therefore demand a continuous supply of electricity and the assessee cannot risk the life of the patients especially those admitted in emergency [&h...

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Introduction of Section 28(ii)(e): Compensation on termination of Contract

With effect from 1.4.2018 (AY 2019-20) a new sub clause (e) has been added to section 28(ii) to bring into tax net gains / receipts in the nature of compensation arising out of termination / modification of a contract related to business of the assessee. In this article we try and analyze whether the attempt of the legislature to tax all ...

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Compulsory acquisition vs. voluntary transfer of agricultural land- SC explains

Balakrishnan Vs Union of India & Ors (Supreme Court of India)

Balakrishnan Vs Union of India & Ors (Supreme Court of India) As far as the acquisition of the land was concerned, assessee had succumbed to the action taken by the Government in this behalf. He was put in such a condition that he knew that his land would be acquired and he could not reiterate […]...

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Bank passbook cannot be treated as books of accounts

Smt. Ramilaben B. Patel Vs ITO (ITAT Ahmedabad)

Smt. Ramilaben B. Patel Vs Income Tax Officer (ITAT Ahmedabad) This tribunal in the case of Rameshbhai Somabhai Patel vs. ITO (Supra) has held that the bank account of the assessee is not considered as part of the books of accounts.The relevant part of this order of the Tribunal is already reproduced above. From the […]...

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Office Order No. 9/2019 – Transfer/Posting of ITO Mutual Basis

Office Order No. 09 of 2019 (14/01/2019)

Office Order No. 09 of 2019- The following transfers/postings in the grade of Income Tax Officers on mutual basis are hereby ordered, as per the table given below, with immediate effect and until further orders:...

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Representation on Mechanical prosecution notices by Income-tax department

IMC, BCAS, CAAA, CAAS, KSCAA and LCAS has made a Joint Representation on mechanical issue of prosecution notices by the Income-tax department to Ministry of Finance, Government of India. Text of the same is as follows:- To Ajay Bhushan Pandey, Secretary (Revenue), Ministry of Finance, Government of India, 128-A North Block, New Delhi. Res...

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Expenses cannot be disallowed merely for non-earning of revenue in relevant year

DCIT Vs HMS Real Estate Pvt. Ltd. (ITAT Delhi)

DCIT Vs HMS Real Estate Pvt. Ltd. (ITAT Delhi) It is held that when an assessee whose business  is to develop real estates, is in a position to perform certain acts towards the acquisition of land, that would clearly show that it is ready to commence business and, as a corollary, that it has already […]...

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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.