#income tax act 1961
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Income Escapement Alone Insufficient to Reopen Assessment under Section 147 Without Assessee’s Disclosure Failure: Delhi HC

Initiation of reassessment unjustified as nature and source of receipts duly explained: Delhi HC

Transfer of shares by one set of shareholders to another doesn’t give rise to any taxable event in hands of company

No applicability of Doctrine of Merger as Income retained by CPC was same as from Intimation u/s 143(1)(a)

Form 16 vs. Form 16A: Understanding the Key Differences for Tax Filing

Order disregarding direction of the court cannot be sustained: Madras HC

Addition confirmed by CIT(A) by passing ex-parte order needs fresh consideration: ITAT Visakhapatnam

CIT(A) directed to condone delay as it is alleged that addition is based on incorrect reporting by auditor

Reversal of provision of inventory written off due to obsolescence allowed: ITAT Bangalore

Deemed rent u/s. 23(1)(a) not invocable as property leased out for continuous long period

Weighted deduction u/s. 35(2AB) allowed as amount from DSIR qualifies as soft loan: ITAT Vishakhapatnam

Source of capital investment explained hence addition u/s. 68 not sustained: ITAT Visakhapatnam

CBDT Notification on Income Tax Exemption for PNGRB

Revamp of Income Tax Act 1961: Key Updates for Taxpayers
Explore the latest income tax act 1961 updates on TaxGuru, including relevant Income-tax Act provisions, rules, notifications, circulars, judicial decisions and compliance guidance. The coverage highlights important tax positions, procedural requirements, assessments, deductions, penalties and litigation developments to help taxpayers and professionals understand the practical implications of changes in income-tax law.
