#income tax act 1961
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Shares held for exactly 12 months treated as long term as date of transfer included in holding period: ITAT Mumbai

AO restricting TDS claim unjustified as it is not as directed by Tribunal: Delhi HC

Section 263 Jurisdiction Not Upheld as Assessment Order Issued to Non-Existing Assessee: ITAT Mumbai

Flying Abroad? Don’t leave without Income Tax Clearance Certificate

Deletion of Unexplained Cash Without Proper Verification Unjustified; Matter Restored: ITAT Raipur

Section 11 Exemption Can’t Be Denied for Late Filing of Form 10B Audit Report: ITAT Delhi

Failure to furnish corroborative documentary evidence proving cash sales before CIT(A): matter remanded

Penalty u/s. 271(1)(c) not sustained as notice failed to specify particular limb: ITAT Mumbai

Delay in filing audit report in Form-10B should be condoned without being too hyper technical: Kerala HC

Compensation paid to ESOP holders qualifies as perquisite hence taxable as salary income: Madras HC

Section 263 Invocation Unjustified if No Evidence of Erroneous Order

Taxability of Sovereign Gold Bonds w.e.f. FY 2024-25

Deduction u/s. 54 admissible even when return is filed belatedly: ITAT Ahmedabad

Interest Earned by Cottage society Attributable to Business: Section 80P(2)(a)(ii) deduction Allowed
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.
