https://www.taxscan.in/top-stories/income-tax-dept-must-establish-assessees-share-before-taxing-entire-joint-property-purchase-itat-read-order-1451296 The Rajkot bench of Income Tax Appellate Tribunal ( ITAT ) held that the income tax department cannot tax the entire joint property purchase
Category: Income Tax
*******Rs 2.42 lakh FD investment and Rs 1.06 lakh cash deposits, no ITR filed, got income tax notice; senior citizen wins case in ITAT Jaipur after 9-year fight
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-2-42-lakh-fd-investment-and-rs-1-06-lakh-cash-deposits-no-itr-filed-got-income-tax-notice-senior-citizen-wins-case-in-itat-jaipur-after-9-year-fight/articleshow/133969153.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The Income Tax Department sent a tax notice to Mrs Devi (age 83 years old) from Vidhyadhar Nagar, Jaipur as she made
*******Selling a redeveloped flat within 2 years? You may face higher capital gains tax
https://www.financialexpress.com/money/income-tax/selling-a-redeveloped-flat-within-2-years-you-may-face-higher-capital-gains-tax/4334414 When a residential building goes through redevelopment, existing flat owners often receive a new and larger flat in place of their old one. But it can
Ancestral vs self-acquired property: Why a son may have no birthright in his father’s assets
For many Indian families, the phrase “ancestral property” carries a simple meaning: a house, land or other asset that has been passed down from the
*******Man with Rs 41.45 lakh in bank deposits faces Income Tax action; here’s what ITAT said
https://www.financialexpress.com/money/income-tax/man-with-rs-41-45-lakh-in-bank-deposits-faces-income-tax-action-heres-what-itat-said/4333620 A tax notice from the Income Tax Department over unexplained cash deposits can be a serious issue for any taxpayer, particularly when the case involves old transactions and
*****Section 54 Shortfall Not Taxable in Original Year: Mumbai ITAT Deletes Penalty
Read more at: https://taxguru.in/income-tax/section-54-shortfall-not-taxable-original-year-mumbai-itat-deletes-penalty.html Copyright © Taxguru.in https://taxguru.in/income-tax/section-54-shortfall-not-taxable-original-year-mumbai-itat-deletes-penalty.html Summary: The appeal was filed by the assessee against the order dated 19.02.2026 passed by the Commissioner of
*******No Section 41(1) or 68 Addition on Suspicion: ITAT Mumbai
Read more at: https://taxguru.in/income-tax/no-section-41-1-68-addition-suspicion-itat-mumbai.html?utm_source=follow.it Copyright © Taxguru.in https://taxguru.in/income-tax/no-section-41-1-68-addition-suspicion-itat-mumbai.html?utm_source=follow.it Mere non-furnishing of confirmations and supporting documents during assessment does not establish cessation of a trading liability under Section
*******Profit Below ₹50 Lakh Bars Reopening Beyond 3 Years: ITAT Delhi
Read more at: https://taxguru.in/income-tax/itat-delhi-quashes-reopening-rs-50-lakh-threshold-sustains-profit-addition-unaccounted-purchases.html?utm_source=follow.it Copyright © Taxguru.in https://taxguru.in/income-tax/itat-delhi-quashes-reopening-rs-50-lakh-threshold-sustains-profit-addition-unaccounted-purchases.html?utm_source=follow.it Where alleged unaccounted purchases have corresponding sales and only the embedded profit represents real income escaping assessment, the
*****घर विकल्यावर कर कसा वाचवावा? जाणून घ्या कायदेशीर मार्ग
https://www.loksatta.com/business/personal-finance/house-sale-capital-gains-tax-saving-guide-marathi-aam-93-6122182 प्रवीण देशपांडे अन्न, वस्त्र आणि निवारा या माणसाच्या मुलभूत गरजा आहेत. यामध्ये सर्वात खर्चिक, जिव्हाळ्याची गरज म्हणजे निवारा. स्वतःचे घर असणे हे आपल्या मनातील
*******Sale Price Is Not Capital Gain: ITAT Restores ₹2.10-Crore Addition & ₹69.45-Lakh Penalty
Read more at: https://taxguru.in/income-tax/sale-price-not-capital-gain-itat-restores-rs-2-10-crore-addition-rs-69-45-lakh-penalty.html?utm_source=follow.it Copyright © Taxguru.in Sale Price Is Not Capital Gain & Penalty Cannot Outlive Its Foundation: ITAT Restores ₹2.10-Crore Addition & ₹69.45-Lakh Penalty
*******Section 148 Notice Sent Late, ITAT Quashes ₹50-Lakh Property Addition
Read more at: https://taxguru.in/income-tax/section-148-notice-late-itat-quashes-rs-50-lakh-property-addition.html?utm_source=follow.it Copyright © Taxguru.in Signed in March but Sent in April: Notice u/s 148 Misses the Limitation Train & ₹50-Lakh Property Addition Gets
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
*******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
*****Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains why
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-1-33-crore-cash-deposit-no-itr-filing-yet-senior-citizen-wins-income-tax-case-itat-bangalore-explains-why/articleshow/132994693.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst When Mr Marathikyathanahalli, a retired teacher from Mysore, Karnataka, India deposited Rs 1.33 crore in cash into his bank account, it triggered
*******NRI used NRE account to buy Rs 79 lakh property, got ‘unexplained cash’ tax notice; ITAT Ahmedabad grants full relief
Read more at:https://economictimes.indiatimes.com/wealth/tax/nri-used-nre-account-to-buy-rs-79-lakh-property-got-unexplained-cash-tax-notice-itat-ahmedabad-grants-full-relief/articleshow/133228037.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst In a recent judgement, the Income Tax Appellate Tribunal (ITAT) Ahmedabad gave relief to a non-resident man from an income tax notice for unexplained
Rs 41 lakh cash deposit but no ITR: Bengaluru man claimed his wife and father paid his expenses; ITAT Bangalore refuses relief on this ground
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-41-cash-deposit-but-no-itr-bengaluru-man-claimed-his-wife-and-father-paid-his-expenses-itat-bangalore-refuses-relief-on-this-ground/articleshow/133698126.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The Income Tax Appellate Tribunal (ITAT) Bangalore, in a recent judgement refused to overlook a delay of about 4 years in a case involving
*******ITAT Chennai Quashes Section 153A Assessments Where Escaped Income Was Not in Asset Form
Read more at: https://taxguru.in/income-tax/itat-chennai-quashes-section-153a-assessments-escaped-income-not-asset-form.html?utm_source=follow.it Copyright © Taxguru.in DCIT Vs Midas Golden Distilleries Pvt. Ltd. (ITAT Chennai) Summary: The Chennai Bench of the Income Tax Appellate Tribunal
*******Can NRIs appoint a relative as power of attorney to manage property in India?
Read more at:https://economictimes.indiatimes.com/wealth/real-estate/can-nris-appoint-a-relative-as-power-of-attorney-to-manage-property-in-india/articleshow/129445778.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Synopsis ET Wealth Reader’s Query: Our daughter-in-law, an NRI in the USA, jointly owns a residential property in Mumbai with her sister,
aniltikotekar4sme.com 