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.
No Cessation of Liability U/s 41(1) – Long Outstanding Foreign Creditors Cannot Be Taxed Without Waiver or Write-Back
Addition U/s 68 Deleted – Accommodation Entry Allegation Failed Due to Mistaken Identity Absence of Bank Transactions
Section 115BAB Concessional Tax Cannot Be Denied in Subsequent Year Once Validly Exercised: ITAT Delhi
Assessment in Name of Amalgamating Bank Held Void – Order Passed on Non-Existent Entity Quashed Following Maruti Suzuki Principle
Clerical Error in ITR Cannot Deny Sec 10(23C)(iiiad) Exemption to Educational Society: ITAT Delhi
Cash Deposits Linked to Sales Cannot Be Taxed Again – Entire Additions Deleted; Assessee Appeal Allowed & Revenue Dismissed
Cash Gifts Taxable Without Donor Details: ITAT Delhi
Penalty U/s 270A Deleted – Bona Fide Explanation Tax Covered by TDS
ITAT Mumbai – Addition U/s 56(2)(x) Deleted; 10% Safe Harbour Applied on Property Purchase
Assessment Held Invalid as Framed u/s 143(3) Instead of Mandatory Sec 153C in Search Case
Reassessment Based on Quashed 263 Cannot Survive – Revenue Appeal Dismissed
TDS Credit Even if Not in Form 26AS – CIT(A)’s Direction for Verification Upheld; Revenue Appeal Dismissed
ITAT Mumbai – Sec.54F Exemption Allowed on Under-Construction Flat Sec. 50C Addition Deleted; Penalty U/s 271(1)(c)
PCIT Section 263 Quashed – Business Expenditure Allowable Even Without Income; AO Conducted Proper Enquiry
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.
