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 : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 : The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
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...
As part of efforts to fight black money, the government has decided to double the strength of the crucial foreign tax division in Finance Ministry which handles classified tax related information between India, tax haven nations and other countries.
Dyna Hitech Power Systems Ltd. Vs ACIT (ITAT Mumbai) – When the matter was called on for hearing, nobody appeared on behalf of the assessee nor was any application for adjournment filed. From the acknowledgement-cum-notice, it is transpired that the assessee’s representative has noted the date of hearing, as is evident from his signature on the acknowledgement slip on 14.3.2011. It is, therefore, inferred that the assessee is not interested in pursuing the appeal which is hereby dismissed for non-prosecution following the order of the Delhi Bench of the Tribunal in the case of CIT vs. Multiplan India (P) Ltd. (1991) 38 ITD 320 (Del). and also the judgment of Hon’ble Bombay High Court in the case of Chemipol v UOI, dated 17th September, 2009 (BHC).
Adarsh Kanch Udyog Pvt. Ltd. vs. ITO (ITAT Delhi) – Assessee has raised a specific ground that order passed u/s 143(3) was not valid in as much as there is no proof of valid service of notice u/s 143(2) within the limitation period of 12 months, as per proviso to section 143(2). We further find that Ld. Commissioner of Income Tax (Appeals) has not properly given a finding on this issue. He has only observed that the grounds and the arguments of the assessee are not very strong. In our considered opinion, Ld. Commissioner of Income Tax (Appeals) should pass a speaking order on this issue incorporating his specific finding in this regard. Accordingly, we remit this issue to the file of the Ld. Commissioner of Income Tax (Appeals), to consider the same afresh.
ACIT Vs Chetan Durgadas Mehra (ITAT Mumbai)- Assessing Officer considered the sale of shares by the assessee to the firm in which he is a Partner as a non genuine transaction. Consequently he re-worked out the P&L account as stated in page 8 of the assessment order and determined the loss from the business at a lesser figure of Rs.52,56,153/- as against Rs.1,95,98,779/- incurred by the assessee in the business of purchase and sale of shares and securities.
Notification No. 1/2012-Income Tax In exercise of the powers conferred by section 295 read with sub-clause (vii) of clause (c) of sub-section (8) of section 35AD of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
Interest from Bond do not form part of Total Income – a) In exercise of power conferred by item (h) of sub clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 the Central Government vide notification no 52/2011.F.No.178/56/201 1- (ITA-1) dated 23rd September 2011 authorizes our Company to issue during the Financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupee 1,000 each in case of public issue for the aggregate amount of Rs. .5,000 crores subject to the other following conditions that –
CIT v. Bharti Cellular Ltd. & Hutchison Essar Telecom Ltd. (SC) – On this issue, the Delhi High Court had held that the services rendered in relation to interconnection, port access did not involve any human interface and, therefore, the services could not be regarded as “technical services” as contemplated under section 194J. The expression “technical service” would have reference to only technical service rendered by a human. It would not include any service provided by machines or robots. The Delhi High Court, therefore, concluded that interconnect charges/port access charges could not be regarded as fees for technical services, and hence, TDS provisions under section 194J were not attracted.
Federal Bank Ltd. v. ACIT (2011) 332 ITR 319 (Kerala High Court) – On this issue, the High Court held that the rate of depreciation of 60% is available to computers and there is no ground to treat the communication equipment as computers. Hence, EPABX and mobile phones are not computers and therefore, are not entitled to higher depreciation at 60%.
ITO vs. Sh. Ashok Kumar Kesarwani (ITAT Delhi) – Impugned addition in this regard were made by the Assessing Officer as the assessee has failed to provide the necessary documentary evidence with regard to the transactions. We find that Ld. Commissioner of Income Tax (Appeals) has granted relief to the assessee without elaborately discussing the subject and without referring to the cogent material in this regard. In our considered opinion, interest of justice will be served, if the matter is remitted to the file of the Assessing Officer to consider the issue afresh. Assessee is directed to provide the necessary details to the Assessing Officer in this regard. Accordingly, the issue stands remitted to the file of the Assessing Officer .
CIT Vs. Galileo India Pvt Ltd (Delhi HC) – Rule 8D has been held to be prospective in nature and applicable from assessment year 2008-09 by this Court in Maxopp Investment Ltd. v. CIT, New Delhi in ITA No.687/2009 dated 18.11.2011. However, in the said decision it has been observed that direct and indirect expenses have to be disallowed under Section 14A, when an assessee earns exempt income.
