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
Month: August 2026
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
AI as decision-maker: Consent not enough
https://www.financialexpress.com/opinion/ai-as-decision-maker-consent-not-enough/4322980 Beyond Consent: Why the DPDP Act Leaves Gaps in AI Governance and Algorithmic Decisions By Harsh Walia, Partner, Khaitan & Co With the advent
Your queries on income tax: Construct house within 3 yrs from capital gains to save tax
https://www.financialexpress.com/money/your-queries-on-income-tax-construct-house-within-3-yrs-from-capital-gains-to-save-tax-4322857 l Can I invest the money I get from selling a flat in Jaipur to buy a plot of land in my hometown? I
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Agarwal Industries Pvt Ltd Vs DCIT (Telangana High Court) Summary: The Telangana High Court allowed the appeal under Section 260A of the Income Tax Act,
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Summary: The ITAT Nagpur in Nirmal Kumar Agrawal Vs ACIT allowed the assessee’s appeal concerning jewellery found during a search under section 132. The Tribunal considered the
Telangana HC Sets Aside Section 68 Additions on Explained Rs.5.25 Crore Cash Credits
Read more at: https://taxguru.in/income-tax/telangana-hc-sets-section-68-additions-explained-rs-5-25-crore-cash-credits.html?utm_source=follow.it Copyright © Taxguru.in Agarwal Industries Pvt Ltd Vs DCIT (Telangana High Court) Summary: The Telangana High Court allowed the appeal under Section
Vokkaligara Thimmaiah Dinesh Kumar Bychanhally Vs ITO (ITAT Bangalore)
Read more at: https://taxguru.in/income-tax/bangalore-itat-deletes-rs-3-31-crore-section-68-addition-journal-entry-not-unexplained.html?utm_source=follow.it Copyright © Taxguru.in Bangalore ITAT Deletes ₹3.31-Crore Section 68 Addition: Journal Entry Recording Pre-existing Assets Is Not Unexplained Cash Credit The assessee,
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