https://www.financialexpress.com/money/woman-has-rs-50-lakh-lic-policy-earns-rs-4-81-lakh-why-itat-rejected-her-claim-4365539 A life insurance policy worth Rs 50 lakh can raise questions about the source of funds if the investment does not match the income
Category: Income Tax
*******Rs 24 crore cash sales in Form 26AS, Rs 4-crore tax demand: How a five-star hotel cook won his case in Delhi High Court
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-24-crore-cash-sales-in-form-26as-rs-4-crore-tax-demand-how-a-five-star-hotel-cook-won-his-case-in-delhi-high-court/articleshow/135060043.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst On February 26, 2024, Mr Lalit who worked as a cook in Hotel Ashoka, got an income tax notice.The notice claimed that
*******Reassessment Notice for AY 2015-16 Issued After Old Six-Year Limit Quashed: ITAT Jaipur
Read more at: https://taxguru.in/income-tax/reassessment-notice-ay-2015-16-issued-year-limit-quashed-itat-jaipur.html Copyright © Taxguru.in Summary: The Jaipur Bench of the Income Tax Appellate Tribunal quashed the reassessment of Manish Kumar Kotawala for
*******Man sells property, skips ITR filing, faces Rs 90 lakh penalty: Here’s what ITAT said
Man sells property^J skips ITR filing^J faces Rs 90 lakh penalty
*******NRI capital gains tax: When can you use the basic exemption limit to lower your income tax bill?
Read more at:https://economictimes.indiatimes.com/wealth/tax/nri-capital-gains-tax-when-can-you-use-the-basic-exemption-limit-to-lower-your-income-tax-bill/articleshow/134989302.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/nri-capital-gains-tax-when-can-you-use-the-basic-exemption-limit-to-lower-your-income-tax-bill/articleshow/134989302.cms ndian residents and resident Hindu Undivided Families (HUFs) can apply their unused basic exemption limit to certain capital gains that are
*******Transferring immovable property? How TDS compliance is now simpler with new Form 141
Read more at:https://economictimes.indiatimes.com/wealth/tax/transferring-immovable-property-how-tds-compliance-is-now-simpler-with-new-form-141/articleshow/135008328.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/transferring-immovable-property-how-tds-compliance-is-now-simpler-with-new-form-141/articleshow/135008328.cms Taxpayers no longer need to use multiple forms to report tax deducted at source (TDS) on many transactions. Form 141 brings
*******Reassessment Based on Wrong Return-Filing Facts Quashed: ITAT Chandigarh
Read more at: https://taxguru.in/income-tax/reassessment-based-wrong-return-filing-facts-quashed-itat-chandigarh.html Copyright © Taxguru.in https://taxguru.in/income-tax/reassessment-based-wrong-return-filing-facts-quashed-itat-chandigarh.html?utm_source=follow.it Summary: The Chandigarh Bench of the Income Tax Appellate Tribunal allowed the appeal filed by M/s Skycity
*******Flat sold 10 days after registration: ITAT ruling offers key LTCG tax lesson for homebuyers
https://www.financialexpress.com/money/flat-sold-10-days-after-registration-itat-ruling-offers-key-ltcg-tax-lesson-for-homebuyers-4363183 Property buyers in India can get tax relief by keeping in mind an important consideration: the Income Tax Act allows calculating the holding periods
*******US stocks vanish from broker account: How this salaried investor fixed his ITR
https://www.financialexpress.com/money/us-stocks-vanish-from-broker-account-how-this-salaried-investor-fixed-his-itr-4363009 Filing an income tax return for foreign assets is complex enough when all broker statements are readily available. But what happens when an investor
*******Rs 3.99 lakh penalty for under-reporting income and paying Rs 2 lakh less in income tax; ITAT Jaipur cancels penalty, know why
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-3-99-lakh-penalty-for-under-reporting-income-and-paying-rs-2-lakh-less-in-income-tax-itat-jaipur-cancels-penalty-know-why/articleshow/134985612.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/rs-3-99-lakh-penalty-for-under-reporting-income-and-paying-rs-2-lakh-less-in-income-tax-itat-jaipur-cancels-penalty-know-why/articleshow/134985612.cms When Mr Sharma from Sikar, near Jaipur, did not file any income tax return, the Income Tax Department sent him a
Tax audit deadline: How the Income Tax Department is using data to flag delayed filings?
https://www.financialexpress.com/money/tax-audit-deadline-how-the-income-tax-department-is-using-data-to-flag-delayed-filings-4362227 The Income Tax Department, via SMS messages and emails, has asked 12,000 tax professionals to file pending audit reports for AY 2026-27 before the
*******₹1.70 crore undisclosed cash alleged in property sale, Income Tax Dept relies on WhatsApp chats and Excel sheets; here’s why taxpayer wins at ITAT Delhi
Read more at:https://economictimes.indiatimes.com/wealth/legal/will/1-70-crore-undisclosed-cash-alleged-in-property-sale-income-tax-dept-relies-on-whatsapp-chats-and-excel-sheets-heres-why-taxpayer-wins-at-itat-delhi/articleshow/134957932.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Can WhatsApp chats, spreadsheets and handwritten notes prove that a taxpayer received undisclosed cash from a property sale? It depends on whether
*****Man earns Rs 75 lakh by redeveloping property inherited from mother, pays no income tax, receives notice, wins case in ITAT Delhi
Read more at:https://economictimes.indiatimes.com/wealth/tax/man-earns-rs-75-lakh-by-redeveloping-property-inherited-from-mother-pays-no-income-tax-receives-notice-wins-case-in-itat-delhi/articleshow/134933428.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/man-earns-rs-75-lakh-by-redeveloping-property-inherited-from-mother-pays-no-income-tax-receives-notice-wins-case-in-itat-delhi/articleshow/134933428.cms Mr Jain from Vasant Vihar, Delhi, had inherited his late mother’s 400 square yards of leasehold land in 1997. Being her
*****Homeowner sold redeveloped flat for Rs 1.95 crore, paid no income tax, received a tax notice; wins relief in ITAT Mumbai
Read more at:https://economictimes.indiatimes.com/wealth/tax/homeowner-sold-redeveloped-flat-for-rs-1-95-crore-paid-no-income-tax-received-a-tax-notice-wins-relief-in-itat-mumbai/articleshow/134962377.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Mr Furia and his wife lived in a 510 square feet flat in a housing society in Chunabhatti, Sion, Mumbai, which he
*******Wrong PAN, Rs 1.46 Cr tax notice: How a Mumbai man earning Rs 3,500 fought back at ITAT
https://www.financialexpress.com/money/wrong-pan-rs-1-46-cr-tax-notice-how-a-mumbai-man-earning-rs-3500-fought-back-at-itat-4360271 An income-tax notice can have serious financial consequences for a taxpayer, particularly when the Income Tax Department reopens an old assessment and makes additions
Senior citizen gets income tax notice over Rs 65.27 lakh cash deposit in bank account; his son proves source of funds and wins case in ITAT Jaipur
Read more at:https://economictimes.indiatimes.com/wealth/tax/senior-citizen-gets-income-tax-notice-over-rs-65-27-lakh-cash-deposit-in-bank-account-his-son-proves-source-of-funds-and-wins-case-in-itat-jaipur/articleshow/134915017.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Mr Ram Singh, a senior citizen, received an income tax notice for an alleged unexplained cash deposit of Rs 65.27 lakh in
*****How much gold and silver jewellery can you have in your home without getting into trouble with the Income Tax authorities?
Read more at:https://economictimes.indiatimes.com/wealth/tax/how-much-gold-and-silver-jewellery-can-you-have-in-your-home-without-getting-into-trouble-with-the-income-tax-authorities/articleshow/134915513.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Recently, there was a case in the ITAT Mumbai where the Income Tax Department conducted a search operation in a lady’s residential
*****Mere Filing of Reply Does Not Satisfy Personal Hearing Requirement u/s 148A When Hearing is Specifically Sought: Rajasthan HC
https://www.taxscan.in/income-tax/mere-filing-of-reply-does-not-satisfy-personal-hearing-requirement-us-148a-when-hearing-is-specifically-sought-rajasthan-hc Assessee who specifically seeks a personal hearing before a Section 148 reassessment decision cannot be denied that opportunity merely because a detailed written reply
*****Amendment made to Repealed Act is Unsustainable: AP HC Declares Section 147A of Income Tax Act Unconstitutional
https://www.taxscan.in/income-tax/amendment-made-to-repealed-act-is-unsustainable-ap-hc-declares-section-147a-of-income-tax-act-unconstitutional-read-judgment In a major ruling, the Andhra Pradesh High Court declared Section 147A of the Income Tax Act, 1961 as unconstitutional, thereby ruling that an
*******Search-Linked S.148 Notice for AY 2015-16 Issued in March 2026, beyond 10 years Limit: Delhi HC quashes Notice
https://www.taxscan.in/income-tax/search-linked-s148-notice-for-ay-2015-16-issued-in-march-2026-beyond-10-years-limit-delhi-hc-quashes-notice-read-order A reassessment notice cannot travel beyond the outer limitation period under Section 149 even where the alleged escaped income exceeds Rs. 50 lakh The
