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 : Rule 46(8) mandates daily backups of electronic books on servers located in India, strengthening digital tax compliance and data i...
Income Tax : CBDT allows eligible salaried taxpayers with LTCG up to ₹1.25 lakh under section 112A to file ITR-1, simplifying return filing f...
Income Tax : Explore income-tax rates applicable over the last ten assessment years for individuals, companies, firms, LLPs, HUFs, and co-opera...
Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already avail...
Income Tax : Bombay HC admitted the Revenue's appeal on AMP expenditure and payments to doctors, holding both require judicial examination. It ...
Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
Income Tax : NCLAT held that a single application covering multiple years and company officers is maintainable in the absence of any statutory ...
Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
Notification No. 56/2011 – Income Tax Income Tax Department has released a New PAN application Form No. 49AA for Individuals not being a citizen of India, LLP registered outside India, Company registered outside India, Firm formed or registered outside India, Association of persons(Trusts) formed outside India, Association of persons (other than Trusts) or body of individuals or local authority or artificial juridical person formed or any other entity (by whatever name called) registered outside India. Download the new Form 49AA and instruction to File Form No. 49AA and Form no. 49AA.
Saif Ali Khan Vs ACIT (ITAT Mumbai) -With regard to the deduction of Society charges, we find that it has also been disallowed by the AO on the ground that since a flat amount of 30% of annual value is allowed, no other deduction is allowable. However, we find that sec. 24(a) reads as under B
Vodafone Essar South Ltd. Vs. Commissioner of Income Tax ITAT Delhi I.T.A. No. 3238/Del/2009 A.Y. : 2004- 05 ORDER This appeal by the Assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 30.3.2009 pertaining to assessment year 2004-05. 2. The grounds raised read as under:- “On the facts and […]
Navine Fluorine International Ltd. Vs. ACIT (ITAT Ahemdabad)- The assessee was engaged in the manufacture of fluorine and other refrigerant gases. During the survey operation under section 133A it was noticed that the assessee had received payments on account of sale of scrap. The assessee company had not collected tax (TCS) at the time of receipt […]
JCIT Vs M/s Videocon Industries (ITAT Mumbai) – It is seen on perusal of the assessment records of assessment year 1999-2000 that the loss on sale of shares on SMS Pharmaceuticals has been declared as long term capital loss. This shows that the transaction in respect of the purchase and sale of shares of SMS Pharmaceuticals are nothing but transfer of capital asset and not part of the business of the assessee company. This fact is evident from the assessment records of previous assessment years wherein the shares have been shown as investments. In view of the above, the claim of the assessee company that the said loss of Rs.95,00,000/- should be allowed as a business loss and thereby writing it off as bad debt under section 36(1)(vii) of the Income Tax Act cannot be allowable as the conditions laid down by section 36(1)(vii) of the Income Tax Act, 1961 are not satisfied by the assessee company .
S K Bothra & Sons, HUF Vs ITO (Calcutta High Court) – When the assessee has discharged the initial burden to prove the loan transaction, the addition made by the AO based on the report of the Inspector without giving an opportunity to the assessee to explain the alleged information, is not correct.- In our view, equity and justice demand that the full text of the information given by the Inspector to the Assessing Officer which is the basis of the conclusion of the assessment should be made known to the assessee before the same is used against him so that the genuineness of the said information can be rebutted by the appellant-assessee or at least, the assessee can get an opportunity to explain the said information.
DCIT Vs M/s Toyoto Boshoku Automotive (I) Pvt Ltd. (ITAT Bangalore)- By virtue of Board Circular No.261 dt.8.8.79 and the decision of the Supreme Court in the case of UCO Bank in 238 ITR 889, we find that it is a settled law that the date of presentation of the cheque should be treated as the date of payment of tax, inspite of the fact that some time was required for realization of the cheque. In the result, the appealfiled by the assessee is allowed’.8.1 In the instant case, admittedly, the cheques were presented and deposited before the authorized banker within the due date of payment of advance tax.
This is an appeal at the behest of the Assessee which has emanated from an assessment order passed u/s. 158BC/143(3) r.w.s.254 of the I.T. Act, 1961 dated 24.12.2008 and the grounds which have been argued before us are as follows:-
Faced with an increased and “difficult” direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today. “These are difficult targets to achieve…We will check sections of the economy where profits are high, will compare returns (with) what they are […]
ACIT Vs. Parablic Drugs Ltd. (ITAT Delhi) – It has to be held that all of these expenditure were incurred by the assessee in the course of its business and none of the expenditure can be classified as expenditure in the nature of capital. The case law relied upon by the ld. AR supports the case of the assessee. Therefore, we found no infirmity in the order of CIT(A) vide which the assessee has been held eligible for deduction of these expenditure under both the sections either u/s 35(1)(i) or u/s 37(1) of the Act.
