Income Tax
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No Addition for Notional Interest Based Solely on Seized Working Sheet: ITAT Mumba
Bogus Supplier Tag Alone Not Enough: ITAT Deletes Purchase and Loan Additions
Penny Stock Allegation fails without direct evidence: ITAT deletes addition on Exempt LTCG
For TP comparability, functional similarity and scale of operations were crucial; inclusion of low-turnover comparable was set aside
ITAT remits purchase addition issue to AO, confirmed 50% disallowance of unsubstantiated labour charges
Pune ITAT Deletes Addition on Cash Deposits as Scrap Business Was Accepted in Other Years
Section 68 Applies Even to Real Estate Customer Advances: Pune ITAT remand case
Pune ITAT Deletes ₹5.67 Crore TP Adjustment; TPO Cannot Cherry-Pick One Transaction While Accepting TNMM for Others
Pune ITAT: Section 43CA Cannot Be Applied to Pre-2013 Sale Agreements
Entire Sale Consideration Cannot Be Taxed as Capital Gain: Mumbai ITAT Orders Fresh Computation
Commercial Complex on MSRTC Land Generates Business Income, Not House Property Income: Mumbai ITA
Prior Period Expense allowable If Liability Crystallises Later: Mumbai ITAT Grants ₹96.23 Crore Relief to MSEDCL
No Specific Charge, No Penalty: Mumbai ITAT Cancels Section 270A Levy for Defective Notice
ITAT Allows Section 54F Deduction as Substantial Construction & Habitable House Were Established
Latest Income Tax News
Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.
Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.
Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
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Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.
