Income Tax
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Addition U/s 69A Deleted – Third Party Statement Without Corroboration Insufficient
Bogus Purchase Addition Restricted to 10% – CIT(A) Relief Upheld
Reassessment Quashed – Notice U/s 148 Issued Before Approval & Mechanical Sanction U/s 151
Reopening Upheld but Addition Restored – Non-Speaking Order on Cost of Improvement
TDS Default u/s 201 – Matter Remanded for Verification of Payees’ Tax Payment
Loan Repayment Not Taxable U/s 68 & 14A Disallowance Restricted to Actual Expenditure
Addition u/s 69A Partly Sustained – Disallowance Restricted to 10%
Section 153C Additions Deleted – Hazir Johri Software Entries Held Unreliable Without Corroboration
Penalty U/s 271(1)(c) Deleted — Defective Notice U/s 274 Without Specific Charge Invalidates Penalty: ITAT Mumbai
Section 143(1) Adjustment without Notice Invalid – Carry Forward of Loss & Unabsorbed Depreciation Allowed by ITAT Kolkata
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.
