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.
Section 10(34)/(35) Exemption Allowed Despite Sec. 11 Denial: ITAT Mumbai
ITAT Remands Crore Expense Disallowance, Citing Failure to Examine Documentary Evidence
Section 194IC Applies to Leasehold Land in JDA, but Developer May Avoid Default if Tax Paid
ITAT Mumbai upholds penny-stock loss as genuine – Revenue’s addition deleted
ITAT Delhi: Cash of ₹3.11 Cr found in locker is NOT “unexplained” – treated as speculative/business income, Section 69A & 115BBE deleted
AO Can’t Cry ‘SBN Violation’ to Tax Genuine Sales – Demonetisation or Not – Once Sales Are in the Books, You Can’t Tax the Cash Twice
Addition upheld by CIT(A) without passing speaking order is not justifiable: Matter restored
ITAT Delhi delivers a two-fold relief – quashes reassessment as void for lack of jurisdiction & grants full Section 54F exemption even where houses are constructed in son’s name
Payment of non-compete fees to retiring partner is revenue expense
ITAT Chennai deletes demonetisation cash deposit addition – Once books are accepted, cash sales cannot be treated as unexplained money u/s 69A
No reassessment u/s. 148 as income earned in NRE account exempt u/s. 10(4)(ii)
ITAT Chennai restricts addition on cash deposits – Treats assessee as commission agent, estimates income at 4% instead of taxing entire deposits
CIT(A) Didn’t ‘Set Aside’—He Just Told AO to Do the Maths! ITAT Slams Revenue’s Hyper-Technical Appeal
ITAT Upholds 100% Penalty on Confirmed Additions Past-Loss Adjustment Irrelevant for 271(1)(c)- Substantial Justice for Delay, No Relief on Merits
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.
