Rs 34.8 lakh difference in price and stamp duty added to husband’s income for taxation despite jointly owned property – ITAT Mumbai calls it ‘not justified’

Read more at:https://economictimes.indiatimes.com/wealth/legal/will/rs-34-8-lakh-difference-in-price-and-stamp-duty-added-to-husbands-income-for-taxation-despite-a-jointly-owned-property-itat-mumbai-calls-it-not-justified/articleshow/133729279.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Can one co-owner alone be made liable to pay tax on the difference between the property’s purchase price and stamp-duty value? ITAT Mumbai has

Rs 15 lakh fraud money credited to senior citizen’s account, police wanted to question him; HC grants anticipatory bail on this ground

Read more at:https://economictimes.indiatimes.com/wealth/legal/will/rs-15-lakh-fraud-money-credited-to-senior-citizens-account-police-wanted-to-question-him-hc-grants-anticipatory-bail-on-this-ground/articleshow/133752992.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst In a recent case in the Madhya Pradesh High Court, the police unearthed a massive pan-India cheating and forgery crime involving a

Rs 25 lakh cash deposited in bank, income tax officer sends notice for unexplained cash u/s 69; Taxpayer wins case in ITAT Bangalore, here’s why

Read more at:https://economictimes.indiatimes.com/wealth/legal/will/rs-25-lakh-cash-deposited-in-bank-income-tax-officer-sends-notice-for-unexplained-cash-u/s-69-taxpayer-wins-case-in-itat-bangalore-heres-why/articleshow/133753257.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst ITAT Bangalore, recently ruled that if the source of a cash deposit can be traced back to identifiable withdrawals from disclosed bank

[1]“Mopping up the surplus banking liquidity is a challenge,” Nomura said [2] Kotak Mahindra Bank expects durable liquidity to peak at around Rs 12 lakh crore in September [3] The liquidity glut pulled down weighted average call rate to 4.96% on Thursday [4] CRR hike –will be complicated –to implement– because special FCNR(B) deposits were exempted from CRR and statutory liquidity ratio (SLR) requirements [5] For banks, abundant liquidity could support stronger loan growth -Courtesy FE

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Anxious moments ahead -Rising Bond yields will push up financing costs – and can increase solvency risks for leveraged entities.[1] Japan 3% -highest since 1996 [2] UK 6% – multi decade high [3] India – 10 Year paper touching 7% – [4] FED might be required to raise rates if inflation does not crawl back to mandated 2% -and this will be a bad news for emerging markets [5] For India — only durable answer is–become competitive –to attract FDI and portfolio investment– Courtesy BS

*******Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai

Read more at:https://economictimes.indiatimes.com/wealth/tax/hong-kong-based-son-gets-tax-notice-after-father-buys-insurance-policy-in-his-name-with-cash-he-fights-back-and-wins-case-in-itat-mumbai/articleshow/131505565.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst When Mr Agarwal originally from Goregaon East, but now living in Hong Kong for the past 15 years, gave his father Rs

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