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 : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Tribunal ruled that the Assessing Officer cannot tax share premium under Section 68 solely on the basis that the premium lacks...
Income Tax : The ruling emphasized that CAM charges remain separate transactions irrespective of whether payments are made to the same landlord...
Income Tax : The Tribunal held that, apart from the CBDT clarification, the seller had declared the capital gains and discharged taxes. Therefo...
Income Tax : The Tribunal held that interest under Section 244A must be computed up to the actual date of refund issuance. Restricting interest...
Income Tax : The ITAT held that Section 56(2)(viib) cannot apply where equity shares are issued upon conversion of CCDs without receipt of fres...
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...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Provision for customer loyalty points, computed on a scientific and consistent basis, constituted a present and ascertained liability deductible under Section 37(1). Disallowance u/s 14A was deleted since no exempt income was earned during the year.
ITAT Delhi held that notice under section 274 r.w.s. 271(1)(c) of the Income Tax Act issued without specifying the specific charge or limb i.e. without striking off the irrelevant limb is erroneous. Accordingly, penalty order u/s. 271(1)(c) cannot be sustained.
ITAT Delhi held that notice under section 274 r.w.s. 271(1)(c) of the Income Tax Act issued without specifying the specific charge or limb i.e. without striking off the irrelevant limb is erroneous. Accordingly, penalty order u/s. 271(1)(c) cannot be sustained.
The core issue was whether the Revenue could make a Section 68 addition when the same share investors and identical facts were previously validated by the ITAT in earlier years. The Delhi ITAT upheld the principle of judicial consistency, confirming the deletion of the full addition and concluding that without new evidence, the genuineness of the share application money stands proven.
ITAT Kolkata held that mere non-filing of income tax returns by suppliers or non-response to notices cannot make an assessee’s expenses bogus. Proper verification of invoices, ledgers, payments, and work done is mandatory before disallowing purchases or subcontract expenses.
The ITAT remanded the assessment for an individuals commission income, ruling that the Assessing Officer (AO) must first verify if the income was already offered to tax by the company of which the assessee was a Director. The key takeaway is the prohibition of double taxation on the same income, directing the AO to delete the addition if the company has paid the tax.
This ruling addresses a massive tax demand raised by CPC under Section 143(1) based solely on a clerical error in the original Form 3CD. The ITAT set aside the orders, holding that natural justice mandates the assessee be heard and the correct audit report considered before imposing such a significant liability.
The Delhi ITAT ruled that a tax addition based on a vague name in uncorroborated loose papers is invalid without direct evidence linking it to the assessee. The decision emphasizes that suspicion from such dumb documents cannot replace concrete proof in tax assessments.
ITAT Agra holds surrendered jewellery and cash as business income, not unexplained under Sections 69A/69B; Revenue’s appeal dismissed.
Where temporary loans received and repaid through banking channels, with identity and creditworthiness of lender proved, the sa,e could not be treated as unexplained cash credits under Section 68. Reliance on third-party statements without cross-examination was invalid.
