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 set aside the entire reassessment, holding that a valid notice is a mandatory jurisdictional step, citing the Supreme Court’s Hotel Blue Moon ruling. Since the two notices issued were defective (one premature, the other beyond the statutory time limit), the assessment was deemed illegal.
The issue was a ad-hoc addition on cash deposits sustained by the due to the absence of direct source-to-deposit correlation. The ITAT deleted the addition, holding that once the overall source (like agricultural or business income) is accepted on merits, does not require mathematical one-to-one matching.
ITAT Mumbai set aside orders taxing a money changer’s Rs.219 crore turnover, holding that neither u/s 68 addition nor arbitrary profit estimation is valid without verifying recreated books.
Mumbai ITAT affirmed the deletion of a ₹2.74 crore F&O loss addition under Section 153A for an unabated year. The addition, based only on the post-search “Project Falcon” report, was void as no incriminating material was found during the search itself, following the Supreme Court’s mandate.
The Income Tax Appellate Tribunal (ITAT) Ahmedabad ruled in Sthanakvasi Jain Sangh Jivrajpark Vs CIT (Exemption) that a trust with composite, charitable, and incidental religious objects cannot be denied 80G registration merely because one object seems religious.
The ITAT reaffirmed that genuine statutory deductions cannot be denied solely due to technical defects or the absence of a specific column in the ITR form. The Tribunal directed the to allow the deductions, including beyond the 10% limit for eligible specified donations.
The ITAT set aside the crore addition, ruling that lower authorities acted mechanically by rejecting detailed evidence like invoices, bank statements, and vendor confirmations. The Tribunal mandated a remand, emphasizing that suspicion is not a valid basis for disallowance when substantial documentary proof is on record.
Mumbai ITAT clarified that perpetual leasehold rights are equivalent to ownership for the purpose of a specified agreement” under Section 45(5A)/194-IC, requiring 10% TDS on JDA monetary payments.
ITAT Mumbai dismissed the Revenue’s appeal, ruling that a genuine business loss from penny stock trading, supported by contract notes and demat records, cannot be disallowed based solely on a third-party statement or generic investigation report.
The ITAT ruled that crore cash found in a locker during a search was not “unexplained money” because the assessee immediately explained the source as accumulated speculative business income and offered it to tax. The Tribunal held that a disclosed source, even if unrecorded, cannot be forcefully converted into unexplained income.
