Income Tax - Page 30

Sushmita Sen gets relief from ITAT in Income Tax penalty case

Sushmita Sen Vs ACIT (ITAT Mumbai)

Sushmita Sen recent appeal: Where the assessee made certain claim which had not been accepted by the Revenue, penalty under section 271(1)(c) thereon deleted...

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MAT not payable on share income of member of AOP

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur)

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) Clause (iic) inserted in Explanation 1 to section 115JB by the Finance Act, 2015 is remedial and curative in nature as it was brought in the statute to provide similar benefit to the member of the AOP which was earlier applicable to the partner of the […]...

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CIT cannot invoke revisionary jurisdiction against draft assessment order

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin)

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin) A draft order, as such, is not appealable, except to be challenged by the assessee before the DRP, which exercises the power, inter alia, to make enhancement. The very rationale in the giving the power of enhancement to the DRP is to correct the draft order […]...

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Non-disposal of Section 12AA application within six months not results in deemed grant of registration

CIT Vs Awadh Bihari Ram Lok Vikas Sansthan (Allahabad High Court- Lucknow Bench)

Non-disposal of an application for registration, by granting or refusing registration, before the expiry of six months as provided under section 12AA(2) would not result in deemed grant of registration,...

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Jurisdiction to commence proceedings against director for recovery of tax dues of delinquent company

Jaison S. Panakkal Vs Pr. CIT (Bombay High Court)

Jurisdiction to commence proceedings against the director of a delinquent company for recovery of tax dues of delinquent company would require the notice to director/former directors, itself indicating what steps had been taken to recover the dues from delinquent company and failure thereof....

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Under Construction Property – Indexation as per year of payment

Lakshman M. Charanjiva Vs Income Tax Officer (ITAT Mumbai)

Lakshman M. Charanjiva Vs ITO (ITAT Mumbai) Indexation benefit against the cost of acquisition shall be available to the assessee on the basis of index of the year in which the payments were actually made by the assessee. The payment made up-to the date of agreement i.e. 18/10/2007 shall be indexed by applying the index […]...

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Income shown as agricultural but not proved is taxable as other Income

Sri.George M George Vs ACIT (ITAT Cochin)

Income-tax Authorities have correctly held that the assessee was not in receipt of Rs. 12,36,000 as agricultural income. Having held Rs. 12,36,000 as not agricultural income, the sum that is credited to the book of account has to be necessarily added as income from other sources u/s 68 of the I.T.Act....

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Sec 54 requires construction completion within 3 years irrespective of purchase date

Gandraju Prabhavathi Vs Pr. CIT (ITAT Visakhapatnam)

Benefit u/s 54 can be availed even if plot was purchased prior to sale of property provided construction of the house property is completed within the time frame provided in Section 54. ...

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Conversion of unpaid interest into loan not amounts to deemed payment of interest U/s. 43B

Teesta Agro Industries Ltd. Vs. DCIT (ITAT Kolkata)

Interest can only be allowed when it is actually paid and conversion of unpaid interest into loan does not amount to deemed payment of interest in terms of section 43B....

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Year of indexation in respect of Gifted / Inherited property

ITO Vs Smt. Nita Narendra Mulani (ITAT Mumbai)

While computing capital gains arising on transfer of a capital asset acquired by assessee under a gift or will, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not with reference to the year in which the assessee became owner of asset....

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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.

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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.