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 Ahmedabad restored a case where the CIT(A) upheld a major loss disallowance stemming from client code modification (CCM) without proper hearing. The Tribunal found the CIT(A) failed to consider that the addition was based on unsubstantiated claims from a report, directing a fresh hearing to examine evidence of genuine trading.
ITAT Raipur set aside the levy of fees under Section 234E for delayed TDS statements filed before the 01.06.2015 amendment to Section 200A. Following the Karnataka High Court ruling, the Tribunal held that in the absence of an enabling provision for computation, the levy of a late fee for the period before that date is unenforceable.
ITAT Rajkot confirmed that for a small trader opting for Section 44AD, the presumptive income covers the cash deposits related to the business cycle, making any separate addition for unexplained money (Section 69A) unjustifiable. The entire addition was deleted as the tax authorities acted on mere suspicion without bringing any contrary evidence to disprove the business nature of the deposits.
ITAT Kolkata set aside the revisionary order, finding the PCITs basis—that no supporting documents for the share LTCG were on record—was factually incorrect. The Tribunal ruled that the AO had taken a plausible view after due inquiry, and the PCIT cannot use Section 263 to substitute his own view for the AOs.
The Tribunal ruled that the AO erred by blindly relying on NMS data to make a ₹1.23 crore addition for unexplained investment under Section 69. Since the registered sale deed proved the actual consideration was only ₹30 lakh (higher than the circle rate), the addition was deemed baseless and deleted in full.
ITAT Ahmedabad ruled that the lower authorities were wrong to confirm the addition for foreign currency found during the search, as the assessee provided a chart detailing various family trips abroad. The decision confirms that, in the absence of contrary evidence by the Revenue, a plausible explanation supported by travel records is enough to discharge the burden of proof.
ITAT Ahmedabad ruled that a penalty under Section 271(1)(c) cannot survive when the underlying quantum addition has been remanded for fresh adjudication. The penalty order was restored to the CIT(A) to be decided only after the quantum appeal is finalized.
The ITAT Delhi partly deleted an addition for alleged bogus purchases, ruling that since the books of account were not rejected and the profit element from corresponding sales was already offered to tax, taxing 12.5% of the bogus purchase value constituted double taxation. The Tribunal finally restricted the addition to an agreed-upon amount of Rs.4,00,000.
Delhi ITAT deleted an addition of 71.12 lakh, holding that the assessee sufficiently explained the cash deposits by correlating them with prior cash withdrawals recorded in the books. The ruling emphasizes that S. 69A (unexplained money) cannot be invoked when the source of deposits is traced to funds from bank accounts already part of the regular books.
The ITAT Ahmedabad upheld the deletion of a Rs.2.23 crore addition made under Section 68, ruling that the assessee had fully discharged the onus of proving the identity, genuineness, and creditworthiness of the unsecured loan creditors. Since complete evidence (confirmations, PAN, ITRs, bank statements) was filed and no adverse material was found, the addition could not be sustained.
