Income Tax
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Full Section 54 Exemption Allowed – Pre-Purchase Payments Also Count Towards Investment
On-Money Addition u/s 69 Deleted – Third-Party Excel Data & Statements Held Insufficient
No Need for CGAS Deposit If Entire Capital Gains Utilised Before Filing Return – Matter Remanded for Verification
Section 68 Addition Deleted in Search Case – No Incriminating Material Dumb Documents Rejected
Reassessment Quashed for Lack of Jurisdiction: AO Became Functus Officio After Section 127 Transfer
Section 68 Addition Deleted – Suspicion on Lender’s Finances Cannot Replace Evidence
Bogus Purchase Addition Restricted to 15% – Entire Disallowance Held Unsustainable
Consistency Over Technicalities – ITAT Allows Actuarial Pension Provision & Rejects Mechanical Disallowances
Application for NIL withholding tax rightly rejected since taxability matter pending before ITAT
Reassessment Quashed – Invalid Sanction by PCIT Instead of PCCIT Beyond 3 Years
Penalty Cannot Survive Without Quantum Addition – ITAT Upholds Deletion u/s 271(1)(c)
Capital profit from sale of Fixed Assets to be routed through P&L rather than directly taken to reserves
Section 80G Rejection Set Aside – Absence of Irrevocability Clause Not a Valid Ground
Additional Evidence Admitted Post Death – ₹7.79 Cr Addition Restored for Fresh Verification
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.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.
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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.
