Income tax reassessment reopened on consolidated bank entries u/s148A(1); notice quashed as fishing inquiry without information. 10. Case-Laws – HC : Reopening under s.148A(1) was challenged
Category: Income Tax
*******Deduction u/s 54F Cannot be Denied for Non-Deposit of Sale Proceeds Before Filing Return: ITAT [Read Order]
Clipped from: https://www.taxscan.in/top-stories/deduction-us-f-cannot-be-denied-for-non-deposit-of-sale-proceeds-before-filing-return-itat-1434395?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307251 The Tribunal observed that courts have consistently held such deposits to be procedural and that the main condition under Section 54 investment in
*****Wife Sells Two Gifted Flats for ₹6 Crore and Pays No Income Tax: Here’s How
Clipped from: https://www.taxscan.in/top-stories/wife-sells-two-gifted-flats-for-6-crore-and-pays-no-income-tax-heres-how-1428872?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307244 A Mumbai woman sells two gifted flats for Rs. 6 crore, reinvests the proceeds in another home, and legally avoids paying any tax
***Sale of Late Mother’s Flat for Multiple Residential Houses eligible for Income Tax S.54 Exemption: Bombay HC [Read Order]
Clipped from: https://www.taxscan.in/top-stories/sale-of-late-mothers-flat-for-multiple-residential-houses-eligible-for-income-tax-s54-exemption-bombay-hc-1429946?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307229 The Assessing Officer had denied the Section 54 exemption and the Income Tax Appellate Tribunal (ITAT) partly allowed relief for only one unit.
***Meals, Transport & Courier Expenses not Part of “Transfer of House Property”: ITAT Rejects NRI’s Income Tax Deduction Claims [Read Order]
Clipped from: https://www.taxscan.in/top-stories/meals-transport-courier-expenses-not-part-of-transfer-of-house-property-itat-rejects-nris-income-tax-deduction-claims-1437543?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307239 The assessee claimed that several travel-related and incidental expenses were incurred exclusively for completing the sale of his Bengaluru property The Bengaluru Bench of the
*****Tribunal reversing order of CIT(A) without demonstrating any perversity is not justifiable
lipped from: https://taxguru.in/income-tax/tribunal-reversing-order-cita-demonstrating-perversity-justifiable.html Rajnandani Projects Pvt. Ltd. Vs PCIT (Patna High Court) Patna High Court held that ITAT was not justified in reversing the order of
***Excess trade advance received back in cash cannot be added u/s. 68 as unexplained cash credit
Clipped from: https://taxguru.in/income-tax/excess-trade-advance-received-cash-added-u-s-68-unexplained-cash-credit.html Lalitha Padmaja Thallapalli Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that trade advance given to goldsmith for making gold jewellery and excess amount
*****Assessment u/s. 143(3) quashed as being in violation of provisions of section 144B
Clipped from: https://taxguru.in/income-tax/assessment-u-s-1433-quashed-violation-provisions-section-144b.html Optical Health Solutions Private Limited Vs Union of India (Telangana High Court) Telangana High Court held that initiation of proceedings under section 143(3)
*****Lady sells property for Rs 94 lakh, gets Rs 38 lakh in cash; files no ITR, gets tax notice for unexplained income, wins case in ITAT Mumbai – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/lady-sells-property-for-rs-94-lakh-gets-rs-38-lakh-in-cash-files-no-itr-gets-tax-notice-for-unexplained-income-wins-case-in-itat-mumbai/articleshow/126215490.cms On November 14, 2025, the Income Tax Appellate Tribunal (ITAT) Mumbai ruled that that if a registered sale deed, which serves as a primary legal
Wrong ITR Column Can’t Deny Trust Exemption: ITAT Kolkata
Clipped from: https://taxguru.in/income-tax/wrong-itr-column-cant-deny-trust-exemption-itat-kolkata.html Ramakrishna Prema Bihar Vs ITO (Exep) (ITAT Kolkata) Wrong Column in ITR Can’t Deny Trust Exemption: Kolkata ITAT Condones 2315-Day Delay & Restores
*******Joint home loans can help families save tax – The Hindu
Clipped from: https://www.thehindu.com/business/Economy/joint-home-loans-can-help-families-save-tax/article70445833.ece A joint home loan availed by two or more close family members, such as spouse, siblings, parents or children, enhances loan affordability. It
Paying rent to parents to claim HRA is legal; here’s how to save up to Rs 1.2 lakh – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/taxes-in-2026-paying-rent-to-parents-to-claim-hra-is-legal-heres-how-to-save-up-to-rs-12-lakh-508299-2025-12-26 HRA forms part of an employee’s salary package and is intended to offset rental housing costs. Although HRA is treated as taxable income,
Creditworthiness of Creditor cannot be Denied merely due to Non-Filing of ITR: Patna HC deletes Addition u/s 68 [Read Order]
Clipped from: https://www.taxscan.in/top-stories/creditworthiness-of-creditor-cannot-be-denied-merely-due-to-non-filing-of-itr-patna-hc-deletes-addition-us-68-1440868?TRN300=CvKWJPSdCaunKESFHizMSKGgASzDWdMKVcfhYJRxgZxMVufcyMskJiDPKMsAsh&LKD333=3303914 Assessee cannot be compelled to explain the origin of funds in the hands of a third party unless the material on record justifies
No tax on property received by son as gift from father – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-no-tax-on-property-received-by-son-as-gift-from-father-4089571/ Get expert insights on India’s tax laws for 2025-26. Learn about tax-exempt property gifts to children, the tax implications of transferring personal shares
Can Interest on home loan be added to cost of acquisition when computing capital gains?
Clipped from: https://taxguru.in/income-tax/interest-home-loan-added-cost-acquisition-computing-capital-gains.html Author’s Note A client came to me as he wanted to sell his first residential building, which he had bought five years back,
Income Tax Return: Revised ITR vs belated ITR? What taxpayers should note before December 31 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-return-revised-itr-vs-belated-itr-what-taxpayers-should-note-before-december-31-508071-2025-12-24 A revised or belated return must be filed by December 31 of the relevant assessment year, or before the tax authorities complete the
Can the Income Tax Department access your e mails, social media from April 1, 2026? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/explainer-can-the-income-tax-department-access-your-e-mails-social-media-from-april-1-2026-507730-2025-12-22 According to PIB Fact Check, the claim misrepresents the scope of the law. The government has emphasised that there is no blanket or routine
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