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...
Dalal Broacha Stock Broking Pvt Ltd vs. ACIT (ITAT Mumbai – Special Bench)- Provisions of section 36(1)(ii) will apply in case of all employees including share holder employees irrespective of the fact whether any extra services have been rendered or not. The issue whether payment of bonus or commission to an employee will be covered by the provisions of section 36(1)(ii) or section 37(1) is also settled by the judgment of Hon’ble Jurisdictional High Court in case of Subodh Chandra Poppatlal vs. CIT (24 ITR 586) in which the Hon’ble High Court while dealing with similar provisions of the old Act held that when an expenditure fell under section 10(2)(x) [which corresponds to section 36(1)(ii)], in the sense that it is an expenditure in the nature of bonus or commission paid to an employee for services rendered then its validity can only be determined by the tests laid down in section 10(2)(x) and not by the tests laid down in section 10(2)(xv) which corresponds to section 37(1).
CIT vs. Indian Hotels Co Ltd (Supreme Court) – The department filed a SLP challenging the order of the Bombay High Court declining to condone delay of 656 days in filing the appeal. The delay was explained as having been caused by several facts such as non traceability of case records, procedural formalities involved in the Department and the papers are to be processed through different officers in rank for their comments, approval etc. and then the preparation of the draft of appeal memo, paper book and the administrative difficulties such as shortage of staff.
Bela Juneja v CIT (Delhi High Court) – Additions under s 69 was justified since finding of facts has been arrived by lower authorities that assessee had made unexplained investment and there was huge difference between agreed price for purchase of property and price registered in sale deed and no perversity has been shown in such findings. Coming to the material available on record, enough evidence was found by the lower authorities pertaining to assessee from the premises in which she was living that the above payment in respect of property was made by her. The same has neither been accounted for nor assessee has given any satisfactory reply about the investment in question.
The Home Ministry has asked the Revenue Department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India KG Balakrishnan. In a letter to the Revenue Secretary, the Home Ministry asked him to institute an inquiry through the Central Board of Direct Taxes (CBDT), the investigative wing of the department.
It has been decided with the approval of competent authority to constitute a Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall consist of the following officers:- (i) Chairman, CBDT – Chairman of Committee
ACIT, Gandhinagar Vs Gujarat State Energy Generation Ltd (ITAT Ahemdabad) – Only such items which are specifically mentioned in the Explanation to section 115JB need to be excluded or included, as the case be, and nothing more can be brought in. All the three items listed above do not feature in the Explanation. Otherwise, the disallowance u/s.14A would be material in computation of the normal process of income while the second item interest on investment in bonds stands already included in the book profit. As far as the prior period expenses are concerned, there is no such mention in the explanation. The assessment order on the other hand is silent as to under which category it is being included for the matter to be further analysed. Therefore, as the matter stands, none of the three items can be added for computation of book profit.
LIC Housing Finance Ltd Vs DCIT (ITAT Mumbai)-The provisions of rule 8D of the Rules which have been notif ied with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A. For that purpose, the AO is duty bound to determine the expenditure which has been incurred in relation to income which does not form part of the total income under the Act. The AO must adopt a reasonable basis or method consistent with all the relevant facts and circumstances after furnishing a reasonable opportunity to the assessee to place all germane material on the record.
Siel Ltd Vs DCIT (ITAT Delhi)- The issue raised is that Ld. Commissioner of Income Tax (Appeals) erred in upholding the disallowance of Rs. 18,49,950/- being amount claimed by the assessee u/s 43B of the IT Act. The assessee was asked to establish the facts from the records and from the bank accounts, but the same was never produced. Assessee contended before the Ld. Commissioner of Income Tax (Appeals) that certificate of CA is sufficient for allowing such deduction. When the factual evidence was again called for, it was stated that the details were related to 10 years old bank record and the same is not readily available. Ld. Commissioner of Income Tax (Appeals) noted that assessee has failed to establish the evidence of such payments before the Assessing Officer at the assessment stage and also before him. hence, he sustained the disallowance of Rs. 18,49,950/-.
CIT vs. Gopal Purohit – (Supreme Court) – The Supreme Court vide order dated 15.11.2010 dismissed the Department’s Special Leave Petition against the judgment of the Bombay High Court in CIT vs. Gopal Purohit 228 CTR 582 (Bom). The Tribunal has achieved a pure finding of fact that the assessee was engaged in two different types of transactions. The first set of transactions involved investment in shares. The second set of transactions involved dealing in shares for the purpose of business. The tribunal has correctly applied the principle of law in accepting the position that it is open to an assessee maintaining two separate portfolios: one relating to investment in shares and another relating to business activities involving dealing in shares. The tribunal held that delivery based transactions in the present case should be treated as those in the nature of investment transactions, and the profit received thereof should be treated either as short-term or, as the case may be, long-term capital gain, depending on the period of holding.
Taking a step forward against black money, the Finance Ministry has asked the Income Tax Department to launch immediate prosecution action in tax evasion cases wherein tangible assets and investments are located in foreign shores. The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
