Category: Income Tax
*******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
*****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
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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,
Wife’s Jewellery Not Taxable in Husband’s Hands: ITAT Nagpur Deletes Addition
Read more at: https://taxguru.in/income-tax/wifes-jewellery-not-taxable-husbands-hands-itat-nagpur-deletes-addition.html?utm_source=follow.it Copyright © Taxguru.in Summary: The ITAT Nagpur in Nirmal Kumar Agrawal Vs ACIT allowed the assessee’s appeal concerning jewellery found during a search under
My Child Sent Money from Abroad: Is It Taxable? What Are the FEMA Rules?
Read more at: https://taxguru.in/rbi/child-money-taxable-fema-rules.html?utm_source=follow.it Copyright © Taxguru.in https://taxguru.in/rbi/child-money-taxable-fema-rules.html?utm_source=follow.it Summary:Money received in India from a child or other relative living abroad is not, by itself, taxable merely
Rs 2.33 crore cash withdrawn from bank and deposited months later? Income Tax questions why it is kept idle
https://www.financialexpress.com/money/rs-2-33-crore-cash-withdrawn-from-bank-and-deposited-months-later-income-tax-questions-why-it-is-kept-idle-4321167 The department questioned why such a large amount would be withdrawn without a clear purpose and then allegedly kept in cash for two-three months.
I’m a single parent and my only son is now a foreign national. I want to safeguard his interests and am wondering should I make him a co-owner of my properties—to reduce his paperwork, regarding inheritance?
Read more at:https://economictimes.indiatimes.com/wealth/legal/will/should-i-make-my-foreign-national-son-a-co-owner-of-my-properties-for-inheritance/articleshow/133366802.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst etwealth@timesgroup.com Should I make my foreign national son a co-owner of my properties for inheritance? – The Economic Times https://economictimes.indiatimes.com/wealth/legal/will/should-i-make-my-foreign-national-son-a-co-owner-of-my-properties-for-inheritance/articleshow/133366802.cms
Man constructs a house before selling his old property and claims income tax exemption under Section 54; Income Tax Department sends notice; he wins case in ITAT Delhi
Read more at:https://economictimes.indiatimes.com/wealth/tax/man-constructs-a-house-before-selling-his-old-property-and-claims-income-tax-exemption-under-section-54-income-tax-department-sends-notice-he-wins-case-in-itat-delhi/articleshow/133339708.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst When Mr Kumar from Rajouri Garden, Delhi sold his property in Paschim Vihar for Rs 53 lakh, he did not pay any income
8 income tax notices that salaried employees can get after filing ITR; know what they mean and how to respond
Read more at:https://economictimes.indiatimes.com/wealth/tax/8-income-tax-notices-that-salaried-employees-can-get-after-filing-itr-know-what-they-mean-and-how-to-respond/articleshow/133365299.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Now that the deadline for filing income tax returns (ITR) on July 31, 2026, has passed for salaried employees, pensioners, students and others without
Got Income Tax notice asking you to pay Rs 6,000 in tax? Check this warning from government’s fact check team
Read more at:https://economictimes.indiatimes.com/wealth/tax/income-tax-department-rs-6000-payment-notice-fake-pib-fact-check-warns-taxpayers-about-phishing-scam/articleshow/133228943.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Attention taxpayers: a fraudulent Income Tax notice demanding a payment of Rs 6,000 has been detected online. The Fact Check team from
aniltikotekar4sme.com 