Income Tax
Log in to FollowLatest Income Tax news, articles, notifications, circulars and case laws covering ITR, assessments, deductions, TDS, capital gains, tax audit, appeals and compliance.
Penny Stock LTCG Addition U/s 68 Deleted – Documentary Evidence Accepted; Suspicion Cannot Replace Proof – ITAT Mumbai
Reopening Beyond 3 Years Invalid for Income Below ₹50L – Wrong Sec 151 Sanction Voids Reassessment – ITAT Mumbai
Addition U/s 69 for Penny Stock Investment Deleted – Explained Source Through Banking Channel Accepted – ITAT Mumbai
Reassessment U/s 148 Quashed for ₹2.58L Escapement, Beyond 3 Years & Wrong Sec 151 Sanction – ITAT Mumbai
Assessee Not Required to Prove Source of Source for Alleged Accommodation Loan: ITAT Mumbai
Penalty U/s 271(1)(c) Not Sustainable on Estimated Bogus Purchase Addition – ITAT Mumbai Deletes Penalty
Mutual Fund Dividend Not Bogus u/s 68; Reopening Beyond 4 Years Held Change of Opinion; ₹39.53 Cr Deleted – ITAT Mumbai
Sec 148 Reassessment Quashed for Wrong Sanction & Limitation Breach under New Sec 151 Regime – ITAT Mumbai
Bogus Purchase Addition Restricted to Profit Element @6.5% Commission Disallowance Deleted – Delay Condoned – ITAT Mumbai
Common Approval u/s 153D for Multiple Years Held Invalid – Search Assessment Quashed – ITAT Delhi
Section 11 Exemption Issue Restored – AO Failed to Examine Charitable Claim Beyond Mutuality – ITAT Mumbai
Additions Based Solely on Investigation Report & Assumed 3% Commission Unsustainable: ITAT Mumbai
Bogus Purchase Disallowance – Issue of 12.5% vs 100% Addition Remanded to CIT(A) for Fresh Fact Verification – ITAT Mumbai
Penalty U/s 271(1)(c) Deleted – Bogus Purchase Additions Based on Estimation Cannot Trigger Penalty – ITAT Mumbai
Income Tax is TaxGuru’s extensive resource for developments under India’s direct tax laws. This category covers Income-tax provisions, rules, notifications, circulars, instructions, judicial decisions and practical compliance issues. Readers can explore articles and case laws on income-tax returns, assessments, reassessment, deductions, exemptions, capital gains, business income, TDS and TCS, tax audit, penalties, appeals, international taxation and other direct tax matters. The category also covers important CBDT announcements, tax deadlines, return filing developments and changes affecting individuals, businesses and other taxpayers. Chartered Accountants, advocates, tax professionals, companies and taxpayers can use this section to follow legislative, administrative and judicial developments and research important Income Tax issues and precedents.
