#income tax act 1961
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No Penalty for Excessive Depreciation Claim Due to bona fide Mistake

Mere allegations insufficient to disallow section 35-AC deduction: ITAT Mumbai

Addition under Section 68 Unjustified Without Falsity in Identity Documents: ITAT Delhi

Reassessment: Invalid if AO’s Belief Lacks Bona Fides, Is Vague and Arbitrary

Reassessment cannot be initiated based on insufficient, vague, or irrelevant materials

Audit Report Omission doesn’t Hinder Section 11 Exemption Claim: Ahmedabad ITAT

Reopening Based on Incorrect Grounds Invalidates Assessment: ITAT Mumbai

Deduction Eligibility: Compensation for Goods Destruction Pre-Sale Under Sec. 80IA/80IB

No addition for loan solely on statements obtained during search proceedings

All about Section 43B(h) of income tax act 1961 with illustrations

Discrepancies in KYC docs don’t constitute incriminating material: ITAT Mumbai

LTCG on Bogus Scrips Not Eligible For Section 10(38) Exemption: Ahmedabad ITAT

ITAT Deletes Hasty Addition made by AO, Citing Lack of Due Diligence

Possession of transport vehicles sufficient for Section 194C TDS exception
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.
