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 : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
ITAT held that funds from earlier years and IDS disclosures cannot justify cash deposits made in a later year without proper linkage or documentation. Addition under Section 68 was upheld.
The ITAT Kolkata upheld the deletion of a ₹2.5 crore addition under Section 68, ruling that the assessee provided full documentary proof of the loan’s identity, creditworthiness, and genuineness. The Tribunal emphasized that once the primary onus is discharged, the AO must conduct an independent inquiry rather than relying on an unverified Investigation Wing report.
ITAT Ahmedabad held that an addition under Section 69 based only on an untested third-party statement, without cross-examination, violates natural justice. The ₹60 lakh on-money allegation was deleted.
The Assessee contested a cryptic CIT(A) order that failed to discuss documentation provided for Long Term Capital Gains and property investment sources. The Tribunal allowed the appeal for statistical purposes, setting aside the non-speaking order for de novo adjudication. This ruling reinforces the principle that every quasi-judicial order must be supported by reasons to ensure fairness and proper justice.
The issue was the summary confirmation of an 8% estimated income addition on a hotel business by the NFAC without conducting independent inquiry or giving reasons. The ITAT set aside the non-speaking order, emphasizing that the CIT(A)’s powers are co-terminous with the AO’s, requiring proper investigation and a reasoned decision. The key takeaway is the mandate for appellate authorities to make an independent inquiry and not just rubber-stamp the AO’s order.
Rajkot ITAT deleted an addition of ₹94.81 lakh, holding that interest received under Section 28 of Land Acquisition Act is accretion to compensation, not interest taxable under Section 56(2)(viii). Since acquired land was rural agricultural land (not a capital asset), compensation, including Section 28 interest, is wholly exempt from tax.
ITAT Mumbai held that when sales and stock figures are accepted, entire purchases cannot be treated as bogus. Only the profit element at 3% is taxable, following consistent judicial precedent.
The tax addition on ₹17.63 lakh demonetization cash deposits was challenged as being sourced from earlier withdrawals and savings. The ITAT deleted the addition, emphasizing that prior, undisputed withdrawals cannot be taxed as unexplained money unless the tax authority proves alternate use. The key takeaway upholds the principle that redeposit of existing capital is not income under Section 69A.
The Tribunal held that ₹1.75 crore in cash deposits were explained as redeposits from earlier withdrawals, deleting additions made under Section 69A since no evidence showed alternate use of the cash.
Mohit Vijaykumar Gupta Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad Deletes Deemed Rent on 5 Flats – Accepts Genuine Vacancy Claim but Upholds Addition on Office Property Assessee, an individual, filed a return declaring income of ₹10.60 crore. The case was selected for scrutiny due to large capital gain deductions claimed u/s 54, 54B, 54EC, 54EE, […]
