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 : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
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...
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 Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investm...
Income Tax : ITAT Lucknow held that disallowance of interest expenses cannot be sustained without evidence showing that interest-bearing funds ...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
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...
The ITAT Pune set aside a best judgment assessment (u/s 144) that arbitrarily estimated an 8% net profit for a poultry farm and disallowed interest expense. The Tribunal ruled that substantive justice requires a fresh adjudication, remanding the case to the AO to allow the assessee a fair chance to present audited books and evidence.
ITAT Agra deleted additions on gifts received from real sisters, holding that when identity, genuineness, and creditworthiness are proven, Section 68 cannot apply to family gifts made out of natural affection.
The Tribunal sustained the addition due to the AO’s rejection of the books under s.145, which was warranted by the assessee’s non-submission of separate purchase/sale and MRP details for country liquor and IMFL. The ITAT found the 10 estimated GP rate reasonable, falling within the normal range for the liquor trade, and confirmed the addition.
ITAT Pune held that filing a revised return after the Department detects wrong deductions is not voluntary. Since the assessee acted only after detection, penalty u/s 270A(9) for misreporting was rightly imposed at 200% of tax.
ITAT Pune held that reopening based on old investigation data was invalid where transactions were already verified under Section 153A. The Tribunal found the penny stock gains genuine as supported by Demat, bank, and STT records.
Where the property was not actually let out, and was treated as self-occupied property, in case of vacant property, the annual value under section 23(1)(a) must be determined on the basis of the Municipal Rateable Value and not market rent.
The ITAT Bangalore deleted a Rs.7.46 lakh addition made on demonetisation cash deposits, ruling that cash from accounted sales in audited books cannot be deemed unexplained income simply due to being deposited during the demonetisation period. The Tribunal also deleted a Rs.4 lakh addition on lorry cost, finding the refund of an advance was correctly reflected in the genuine cash book.
The ITAT Bangalore set aside an ex-parte assessment, which included additions for low profit and demonetisation cash deposits, after the assessee cited the genuine reason of his son’s death and subsequent health issues for non-compliance. The Tribunal restored the case to the Assessing Officer (AO) to verify the audited books, expenses, and cash sources after giving the assessee a fresh opportunity to be heard.
The dispute was the computation of the block period under S 153 for a non-searched person, where the AO counted the period from the search date. The ITAT affirmed the quashing of the assessment, ruling that the block period must be reckoned from the date the seized material is received by the jurisdictional AO, as per binding Supreme Court precedent.
The core issue was the disallowance of Rs.169 Cr in Customer Acquisition Cost (CAC), treated as capital expenditure for an enduring benefit. The ITAT deleted the addition, ruling that routine, recurring expenses like porting charges and handset subsidies in the telecom sector are revenue in nature and fully deductible under S 37(1).
