Clipped from: https://taxguru.in/income-tax/lal-dora-property-valuation-section-50c-clarified.html ACIT Vs Guptajee & Company (ITAT Delhi) ITAT Delhi: Lal Dora Property to Be Valued as Agricultural/Residential for Section 50C – Commercial Use
Category: Income Tax
*******Email Change Ignored by Department: Calcutta HC Sets Aside S.148A Reassessment Notice [Read Order]
Clipped from: https://www.taxscan.in/top-stories/email-change-ignored-by-department-calcutta-hc-sets-aside-s148a-reassessment-notice-1442253?TRN300=cEKGZnCUsAUqKvvkWAEMsBGGASzuwDMkevbWaEMhZYAMvDFcyMSKjyDnKMcAXK&LKD333=3372397 The Court observed that failure to serve notice on the assessee’s updated email ID violated principles of natural justice The Calcutta High Court
*******Taxpayer cannot be Penalised for Mistake of Previous Tax Consultant: ITAT Grants Relief [Read Order}
Clipped from: https://www.taxscan.in/top-stories/taxpayer-cannot-be-penalised-for-mistake-of-previous-tax-consultant-itat-grants-relief-1442114?TRN300=cEKGZnCUsAUqKvvkWAEMsBGGASzuwDMkevbWaEMhZYAMvDFcyMSKjyDnKMcAXK&LKD333=3372386 When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred for the other
*Direct tax refunds fall 17%, as tax revenues falter – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/direct-tax-refunds-fall-17-as-tax-revenues-falter-4118985/ Income tax refunds have contracted by 16.9% as of January 2026, with the government issuing ₹3.11 lakh crore compared to ₹3.75 lakh crore
*******Inherited property, money or investments? Six tax questions every heir needs answers for – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/inherited-property-money-or-investments-six-tax-questions-every-heir-needs-answers-for/articleshow/127358398.cms Estate planning may ensure a smooth transition of assets to legal heirs, but many inheritors remain unaware of how the income from investments
*******Tax dept seizes Rs 5 lakh foreign currency; man wins case in ITAT Mumbai; Know how much forex you can keep at home – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-dept-seizes-rs-5-lakh-foreign-currency-man-wins-case-in-itat-mumbai-know-how-much-forex-you-can-keep-at-home/articleshow/127283278.cms On September 29, 2021, during an income tax raid at Mr. Prashant’s home, the income tax department discovered several assets, including foreign currency cash, gold and more.
*****Capital gain attributed to the co-owner who paid for house – Money News | The Financial Express
https://www.financialexpress.com/money/your-income-tax-queries-capital-gain-attributed-to-the-co-owner-who-paid-for-house-4117487/ Clipped from: https://www.financialexpress.com/money/your-income-tax-queries-capital-gain-attributed-to-the-co-owner-who-paid-for-house-4117487/ Understand the tax implications of selling joint property when ownership shares aren’t defined, and explore the concessional 10% tax rate for patent
*Key deductions in old and new tax regimes in FY 25-26: Experts want govt to increase these limits in Budget 2026 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/key-deductions-in-old-and-new-tax-regimes-in-fy-25-26-experts-want-govt-to-increase-these-limits-in-budget-2026/articleshow/127372733.cms With the Budget 2026 date of February 1 just a few days away, some salaried taxpayers are at crossroads- whether to stick to the old tax
*******Faceless tax assessment lost its way: Why Budget 2026 must fix system, not expand compliance burden – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/faceless-tax-assessment-lost-its-way-why-budget-2026-must-fix-trust-not-expand-compliance-burden/articleshow/127267051.cms Listen to this article in summarized format Union Budget 2026 comes at a critical juncture for India’s tax administration. With the Income-tax Act, 2025 (the “New
*******Change of Opinion: ITAT Pune Quashes Reassessment; Section 68 & 40(a)(ia) Additions Fail
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-change-opinion-evidence.html Vatsalabai Kabhari Deore Vs ITO (ITAT Pune) ITAT Pune Quashes Reassessment as Change of Opinion: Section 68 & 40(a)(ia) Additions Fail Without New
*******ITAT Pune Remands Capital Gains to AY 2011-12; Revised Computation Allowed
Clipped from: https://taxguru.in/income-tax/capital-gains-shifted-jv-transfer-occurred-earlier-year.html Popatrao Dashrathrao Suryawanshi Vs ITO (ITAT Pune) JV Transfer Took Place in AY 2011-12; ITAT Pune Allows Revised Computation and Remands Capital Gains
*******ITAT Kolkata Allowed Section 54 Exemption Despite Incomplete House Construction
The Kolkata Bench of the ITAT allowed the appeal of Ramautar Saraf (HUF) for AY 2016-17, holding that deduction under section 54 cannot be denied
*’Tax Year’ replacing ‘Assessment Year’ in new income tax law: How it will impact taxpayers – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/tax-year-replacing-assessment-year-in-new-income-tax-law-how-it-will-impact-taxpayers-4112178/ From April 1, 2026, the new Income-tax law will replace ‘Assessment Year’ with ‘Tax Year’ to simplify tax filing and compliance for individuals.
*******Dubai-based taxpayer gets I-T notice for unexplained investment in Rs 2 crore Mumbai property; he fights back and gets relief from ITAT Mumbai – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/dubai-based-taxpayer-gets-i-t-notice-for-unexplained-investment-in-rs-2-crore-mumbai-property-he-fights-back-and-gets-relief-from-itat-mumbai/articleshow/125958976.cms On November 14, 2025, Mr. Ostwal won his income tax case at ITAT Mumbai, as the tribunal deleted Rs 2 crore addition to
*******NRI property sellers lose lakhs to TDS delays; why Budget 2026 must step in to simplify the tax rules – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/nri-property-sellers-lose-lakhs-to-tds-delays-why-budget-2026-must-step-in-to-simplify-the-tax-rules/articleshow/126666575.cms The current tax regulations around sale of property are quite complex, leading to significant fund blockage for non-resident Indians (NRIs) who are selling property. A
*******Reassessment Invalid Without Section 143(2) After Return u/s 148: ITAT Pune
lipped from: https://taxguru.in/income-tax/reassessment-invalid-section-143-2-return-u-s-148.html Bharat Kantilal Chengede Vs ITO (ITAT Pune) Reassessment Quashed for Non-Issue of Section 143(2) Notice Despite Belated Return Filed u/s 148- Pune Trib
*******Appeal Dismissal for Non-Prosecution Invalid When Notices Sent to Wrong Email Address
Clipped from: https://taxguru.in/income-tax/appeal-dismissal-non-prosecution-invalid-notices-wrong-email-address.html Veenus Jewellars Vs ITO (ITAT Hyderabad) Failure to Follow Specified Mode of Communication Invalidates Dismissal for Non-Prosecution: ITAT Hyderabad The ITAT Hyderabad condoned a
*******NRI Remittances–I live in the UK and send money to my parents in India — do they need to pay tax on it? NRI son’s tax dilemma – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/i-live-overseas-and-send-money-to-my-parents-in-india-do-they-need-to-pay-tax-nris-dilemma-4110705/ Money sent by NRI children to parents: Tax-free gift or taxable income? Q: To understand the tax treatment of such remittances, we reached
*****Capital gains tax – Selling assets in 2026? How to keep more of your gains and less for the taxman – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/selling-assets-in-2026-how-to-keep-more-of-your-gains-and-less-for-the-taxman-capital-gains-tax-511277-2026-01-16 Capital gains arise when the selling price of an asset exceeds its acquisition cost after adjusting for transfer expenses. While such gains are
*Lady signs POA with land owner, builds flats on land and sells, claims Rs 13 crore tax deduction, I-T dept sends notice; She fights back and wins in HC – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/lady-signs-poa-with-land-owner-builds-flats-on-land-and-sells-claims-rs-13-crore-tax-deduction-i-t-dept-sends-notice-she-fights-back-and-wins-in-hc/articleshow/126544402.cms On December 1, 2025, the Madras High Court upheld ITAT Chennai’s order, stating that a taxpayer can claim deduction under Section 80-IB without needing to own
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