Month: August 2026
*******Cash Deposited by Husband from Disclosed Income Cannot Be Added in Wife’s Hands u/s 69A: ITAT
https://www.taxscan.in/top-stories/cash-deposited-by-husband-from-disclosed-income-cannot-be-added-in-wifes-hands-us-69a-itat-read-order-1450335 The Pune Bench of the Income Tax Appellate Tribunal (ITAT) held that cash deposited by a husband in his wife’s bank account cannot be
*******Buyer PAN Not required for Cash Jewellery Sales Below Rs. 2L: ITAT deletes Rs. 13.68cr Addition, says Suspicion cannot Replace Evidence
https://www.taxscan.in/top-stories/buyer-pan-not-required-for-cash-jewellery-sales-below-rs-2l-itat-deletes-rs-1368cr-addition-says-suspicion-cannot-replace-evidence-read-order-1450350 “Suspicion, howsoever strong, cannot take the place of evidence”, heldthe Ahmedabad bench of Income Tax Appellate Tribunal ( ITAT ) deleting the addition of Rs.13.68
*******Income Disclosed after Income Tax Notice issued u/s 148 Notice does not attract Deemed Concealment where Reasonable Cause Exists: ITAT
https://www.taxscan.in/top-stories/income-disclosed-after-income-tax-notice-issued-us-148-notice-does-not-attract-deemed-concealment-where-reasonable-cause-exists-itat-read-order-1450379 The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, deleted the penalty of Rs.55,870 levied under Section 271(1)(c) on the assessee for Assessment Year 2016-17.
Telangana HC Rules Reassessment Proceedings under Income Tax Act Cannot Be Challenged at Preliminary Stage Under Article 226
https://www.taxscan.in/top-stories/telangana-hc-rules-reassessment-proceedings-under-income-tax-act-cannot-be-challenged-at-preliminary-stage-under-article-226-1450398 A division bench of the Telangana High Court ruled that the reassessment proceedings under the Income Tax Act, 1961, cannot be challenged at preliminary
Mere Delay in Furnishing Tax Audit Report Cannot Attract S.271B Penalty When Audit Was Completed in Time: ITAT
https://www.taxscan.in/top-stories/mere-delay-in-furnishing-tax-audit-report-cannot-attract-s271b-penalty-when-audit-was-completed-in-time-itat-read-order-1450412 The Rajkot Bench of the Income Tax Appellate Tribunal (ITAT) deleted Rs. 1.50 lakh penalty under Section 271B, holding that mere delay in furnishing
Woman buys property for Rs 3.5 crore; taxman alleges another Rs 2 crore paid in cash – ITAT says this
https://www.financialexpress.com/money/income-tax/woman-buys-property-for-rs-3-5-crore-taxman-alleges-another-rs-2-crore-paid-in-cash-itat-says-this/4322008/?ref=hometop_hp Buying a property not only involves physical and location checks but also verifying a range of documents. But what happens when a Rs 2 crore cash
Supreme Court acquits bus driver in passenger death case, says followingconductor’s signal is not negligence
Read more at:https://economictimes.indiatimes.com/wealth/legal/will/supreme-court-acquits-bus-driver-in-passenger-death-case-says-followingconductors-signal-is-not-negligence/articleshow/133393736.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/legal/will/supreme-court-acquits-bus-driver-in-passenger-death-case-says-followingconductors-signal-is-not-negligence/articleshow/133393736.cms Recently, the Supreme Court acquitted a bus driver working for Karnataka State Road Transport Corporation (KSRTC) of any wrongdoing after it was found that he did not
RBI’s ‘calibration’ pays off as forex swap inflows hit $72.85 bn; FCNR(B) deposits do heavy lifting
https://www.financialexpress.com/business/rbis-calibration-pays-off-as-forex-swap-inflows-hit-72-85-bn-fcnrb-deposits-do-heavy-lifting-4323325/?ref=hometop_hp Foreign currency inflows mobilised under the Reserve Bank of India’s special dollar-rupee swap facility reached $72.85 billion as of August 21, the central bank’s
*****Additions Made in Intimation U/s 143(1) Cannot Be Challenged in Appeal Against Scrutiny Assessment: ITAT Bangalore
Read more at: https://taxguru.in/income-tax/bengaluru-itat-additions-intimation-u-s-143-1-challenged-appeal-scrutiny-assessment-u-s-143-3.html?utm_source=follow.it Copyright © Taxguru.in Bengaluru ITAT: Additions Made in Intimation U/s 143(1) Cannot Be Challenged in Appeal Against Scrutiny Assessment U/s 143(3) The
*******ITAT Mumbai Allows Section 54F Exemption on House Purchased from Husband
Read more at: https://taxguru.in/income-tax/itat-mumbai-section-54f-exemption-house-purchased-husband.html?utm_source=follow.it Copyright © Taxguru.in ITAT: Rejects Revenue’s Allegation of Colorable Device; upholds Section 54F Exemption on Property Purchased from Spouse Summary: The Mumbai
aniltikotekar4sme.com 