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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.

Latest Articles


Why Does India’s ITR Deadline Always Need an Extension?

Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...

June 9, 2026 2529 Views 1 comment Print

Comprehensive Guide to Maintenance of Books of Accounts

Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...

June 9, 2026 19722 Views 0 comment Print

Taxability of concessional or interest-free loan perquisite by Employee

Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...

June 9, 2026 46044 Views 1 comment Print

Taxation of Employee Stock Option Plan (ESOP)

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...

June 9, 2026 41910 Views 0 comment Print

Updated Return of Income: Rules, Eligibility and Filing Process

Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...

June 9, 2026 14655 Views 0 comment Print


Latest News


Income Tax Superintendent Caught by CBI in Bribery Case Linked to PAN Deletion

Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...

June 6, 2026 6001 Views 0 comment Print

ITAT Prioritizes Old Appeals as Rising Pendency Requires Urgent Disposal Measures

Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...

June 5, 2026 213 Views 0 comment Print

Request for Rationalisation and Merger of TDS Return Codes 1023 & 1024

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...

June 4, 2026 1560 Views 0 comment Print

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...

May 21, 2026 3663 Views 1 comment Print

Representation for timely release of e-filing utilities for ITR for AY 2026-27

Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...

May 13, 2026 3939 Views 0 comment Print


Latest Judiciary


LTCG Exemption Denied as 3072% Returns Failed Human Test Probability

Income Tax : ITAT Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...

June 9, 2026 60 Views 0 comment Print

SC Upholds LTCG Addition as Extraordinary Penny Stock Gains Defied Business Logic

Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...

June 9, 2026 72 Views 0 comment Print

Delhi HC Upholds LTCG Addition on Extraordinary 4910% Returns from Penny Stock

Income Tax : The Delhi High Court upheld the denial of Section 10(38) exemption after finding that the authorities had rightly treated the shar...

June 9, 2026 81 Views 0 comment Print

AO cannot finalize assessment before completion of DRP mechanism: Karnataka HC

Income Tax : The High Court held that issuing a demand notice along with a draft assessment order violated the mandatory procedure under Sectio...

June 9, 2026 84 Views 0 comment Print

Karnataka HC Rejects Ad Hoc Expenditure Disallowance as Books of Account were accepted

Income Tax : The Court found that the ITAT wrongly held there was no business income despite the assessment record showing income under “Busi...

June 9, 2026 75 Views 0 comment Print


Latest Notifications


CBDT Issues Complete Income Tax Scrutiny Guidelines for FY 2026-27

Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...

June 7, 2026 42177 Views 1 comment Print

Income-Tax (Amendment) Commencement Ordinance, 2026

Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...

June 6, 2026 519 Views 0 comment Print

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act 2025

Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...

June 2, 2026 474 Views 0 comment Print

CBDT Approves National Institute of Advanced Studies as Scientific Research Institution  

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...

May 30, 2026 153 Views 0 comment Print

CBDT Approves S. Nijalingappa Sugar Institute for Scientific Research Tax Benefit Eligibility 

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...

May 30, 2026 135 Views 0 comment Print


ITAT Ahmedabad Deletes Deemed Rent on 5 Flats: Accepts Genuine Vacancy Claim but Upholds Addition on Office Property

November 7, 2025 432 Views 0 comment Print

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, […]

Reassessment on Wound-Up Foreign FPI Held Void: ITAT Quashes ₹456 Cr Addition

November 7, 2025 615 Views 0 comment Print

ITAT Delhi ruled that a reassessment notice served under Section 148 on a foreign FPI (Singapore company) after its formal dissolution is void ab initio. This decision confirms that proceedings against a non-existent entity, even if served shortly after winding up, are invalid and cannot be cured by Section 292B.

Valuation Dispute: ITAT Quashes Penalty U/S 271(1)(c) as Addition Was Solely Based on Estimate

November 7, 2025 576 Views 0 comment Print

ITAT condoned a significant seven-year delay in filing an appeal, recognizing assessee’s status as an NRI and his lack of awareness of assessment order as a bona fide cause. This ruling affirms the liberal, justice-oriented approach to condonation of delay under Section 249(3).

Assessment on Deceased Person Annulled: ITAT Quashes ₹1.73 Cr Addition

November 7, 2025 4473 Views 0 comment Print

ITAT Ahmedabad upheld annulment of a ₹1.73 crore assessment, ruling that Section 148 notice was issued in name of a person who had died four years earlier. Tribunal affirmed that proceedings against a deceased person are a fatal jurisdictional defect and void ab initio.

ITAT Ahmedabad Restores Section 35(1)(ii) Donation Deduction Appeal for Fresh Hearing

November 7, 2025 399 Views 0 comment Print

Tribunal condoned a 545-day delay caused by consultant negligence and remanded case to CIT(A) for de novo adjudication, holding that assessee deserved a fair hearing on disallowance of deduction under Section 35(1)(ii).

ITAT Ahmedabad Restores Bogus LTCG Addition on Penny Stock ‘Safal Herbs’

November 7, 2025 636 Views 0 comment Print

The ITAT Ahmedabad reversed the CIT(A)’s deletion, upholding the addition of ₹6.73 lakh under Section 69A for bogus Long-Term Capital Gain from Safal Herbs Ltd. shares. The Tribunal ruled that the sudden investment in the obscure scrip, coupled with an unreasonable price rise, defied commercial logic and was an accommodation entry.

VAT vs. Books Difference: ITAT Deletes Purchase Disallowance on ITC Reversal

November 7, 2025 516 Views 0 comment Print

ITAT Ahmedabad deleted an addition made due to a minor difference between a firm’s VAT returns and its books of account. Tribunal ruled that variation was a legitimate bookkeeping consequence of statutory ITC reversal under Gujarat VAT Rules and not evidence of inflated purchases.

Dead Firm, Live Notice: ITAT Rajkot Quashes Reassessment Against Non-Existent Entity

November 7, 2025 450 Views 0 comment Print

The ITAT Rajkot set aside reassessment proceedings initiated under Section 148 against a firm that had previously converted into a private limited company. The Tribunal held that a notice issued in the name of a non-existent entity strikes at the root of jurisdiction and renders the entire assessment void ab initio.

Invocation of rule 8D impermissible without recording non-satisfaction in terms of section 14A(2)

November 7, 2025 792 Views 0 comment Print

ITAT Mumbai held that in absence of recording of non-satisfaction in terms of section 14A(2) of the Income Tax Act, invocation of Rule 8D is not permissible. Accordingly, disallowance u/s. 14A read with Rule 8D cannot be sustained.

Settlement payment towards patent disputes is allowable business deduction u/s. 37(1)

November 7, 2025 528 Views 0 comment Print

ITAT Ahmedabad held that settlement payments in relation to patent disputes are allowable as business deduction under section 37(1) of the Income Tax Act since the same is not a penalty for an offence or for a purpose prohibited by law.

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