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 : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
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 : 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 Tribunal deleted penalty under Section 271(1)(c) after substantially deleting the unexplained cash credit addition under Section 68. It held that penalty cannot survive when the quantum addition is largely removed and the remaining amount is estimated.
The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits when the investment was made within the prescribed time. Deduction was allowed despite non-delivery of possession.
ITAT Delhi held that additions based on documents seized from a third party cannot be made under Section 143(3) without invoking reassessment proceedings under Section 148. The Tribunal quashed the assessment for non-compliance with mandatory statutory safeguards.
ITAT Delhi held that higher TDS under Section 206AA applied where the seller’s PAN was not linked with Aadhaar. However, the Tribunal observed that the tax department should have incorporated system alerts for inoperative PANs and remanded the matter for fresh verification.
The Bangalore ITAT held that indexation benefit for capital gains must be allowed from the year the property was first rented and income was offered to tax, not from the date of occupancy certificate.
Delhi ITAT upheld deletion of addition made under Section 69A after finding that the assessee produced complete documentary evidence for purchase and sale of LDPL shares. The Tribunal ruled that suspicion and investigation reports alone cannot override genuine DEMAT, bank and broker records.
ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiating penalty proceedings cannot survive independently. The Tribunal relied on the Supreme Court ruling in Jaya Lakshmi Rice Mills.
The Madras High Court held that membership fees received for long-term time-share agreements could not be fully taxed in the first year because the assessee had continuing obligations to provide facilities over 99 years.
The ITAT Chandigarh held that reassessment proceedings initiated under an incorrect and obsolete PAN suffered from a jurisdictional defect. The Tribunal ruled that failure to consider the assessee’s reply under Section 148A invalidated the reassessment proceedings.
ITAT Delhi deleted transfer pricing adjustments after holding that retail and after-sales businesses could not be compared with wholesale trading to OEMs. The Tribunal ruled that comparables must satisfy functional and market similarity under Rule 10B(2).
