#income tax act 1961
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Deduction u/s. 80-IB disallowed for interest on staff advances and bank deposits: ITAT Ahmedabad

Wrongful allowance of set off of brought forward loss prejudicial to interest of revenue: ITAT Cuttack

Business income earned by foreign entity not having permanent establishment cannot be taxed in India

Addition towards cash credit untenable as loan received back in subsequent year: ITAT Surat

Mistake apparent pertaining to carry forward and set off of unabsorbed depreciation and business losses could be revised by filing Form 3 under VSV scheme

Matter remanded to CIT(A) as ex-parte order passed in absence of any response by assessee: ITAT Visakhapatnam

Anonymous donation by religious and charitable trust is exempt from tax: Bombay HC

Order deemed to be erroneous as passed without making necessary inquiries and verification

Levy of penalty u/s. 271D without recording any satisfaction untenable: Andhra Pradesh HC

Petitioner denied Right to Explain Cash Deposit of ₹63.7 Lakhs: HC Quashes Assessment Order

Guidelines for Compounding of Offences under Income-Tax Act, 1961

Karnataka HC Condones Delay in Filing ITR by 2 Hours 38 Mins & 26 Seconds

7-Day Response Time for Section 148A(b) Notices: Karnataka HC

Karnataka HC Quashes Assessment order for Ignoring Submissions on Genuineness
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.
