#income tax act
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Sale of property taxable under capital gain as rent income assessed under house property

Addition u/s. 69C deleted as outstanding trade creditors clearly established: ITAT Chennai

Compensation for cancelling allotment due to non-delivery in time is capital receipt

Addition u/s. 69A to extent of redeposit of cash withdrawn untenable: ITAT Bangalore

Tax Rate on Long Term Capital Gains on Listed Securities Increased To 12.5%

Allowing Premature Redemption of Sec 54EC Bonds Beyond Court Scope: HC

Reassessment notice u/s. 148 being barred by limitation is liable to be quashed: ITAT Mumbai

Once liquidation order has been passed no suit or legal proceedings can be instituted: ITAT Nagpur

Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC

Section 11(1) Exemption Granted to Rajkot Urban Development Authority: ITAT Ahmedabad

Direction of reopening by appellate authority without any material untenable: Kerala HC

Revision u/s. 263 justified due to lack of inquiry and total non-application of mind by AO

Burden cannot be shifted on assessee when nothing contrary found in search operation: ITAT Bangalore

Analysis of Notifications and Circulars for Week ending 17th November 2024
Explore the latest income tax act 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.
