Clipped from: https://www.taxscan.in/top-stories/20-pre-deposit-not-mandatory-for-grant-of-stay-us-2206-of-income-tax-act-delhi-hc-1441169?TRN300=CEbwzPSucAUqBVcxGGvMSKWWASJdGUMKEShgGVqxWjwMVUfsyMSbZydqBMCaSh&LKD333=3312340 The Delhi High Court held that payment of 20% of the disputed tax demand is not a mandatory condition for grant of stay
Category: Income Tax
*****December 31 ITR deadline over: Here’s the limited path to getting your tax refund – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/december-31-itr-deadline-over-heres-the-limited-path-to-getting-your-tax-refund-509528-2026-01-05 Under India’s income tax rules, December 31 is the last date to file a revised return or a belated return for a given assessment year. Once this
*******Rs 10 lakh penalty for foreign asset non-disclosure? Facts every NRI should know before panicking – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/rs-10-lakh-penalty-for-foreign-asset-non-disclosure-facts-every-nri-should-know-before-panicking-4098089/ An NRI’s online query about missed foreign asset disclosure during Resident and Ordinarily Resident (ROR) years has triggered confusion and fear of penalties.
*****Tax Dept accuses lady of taking Rs 3 crore cash in property deal; ITAT Mumbai disregards WhatsApp chat evidence, says no proof, no tax – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-dept-accuses-lady-of-taking-rs-3-crore-cash-in-property-deal-itat-mumbai-disregards-whatsapp-chat-evidence-says-no-proof-no-tax/articleshow/126345037.cms On October 27, 2025 Smt. Shah, a property owner from Pune, won her case at the Income Tax Appellate Tribunal (ITAT) in Mumbai. This victory came
*Will is the last word in inheritance with probate now struck off – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/will-is-the-last-word-in-inheritance-with-probate-now-struck-off-4095729/ The Indian government has abolished the mandatory requirement to probate a Will, a major reform under the Repealing and Amending Act, 2025. This
*Higher exemption, lower rates: Is the New Tax Regime phasing out the Old Tax Regime? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/higher-exemption-lower-rates-is-the-new-tax-regime-phasing-out-the-old-tax-regime-509235-2026-01-02 The way Indians pay income tax is changing, with the New Tax Regime rapidly gaining ground over the traditional deductions-based system. Over successive
*Tax liability on capital gains as per ownership share in house – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-income-tax-queries-answered-tax-liability-on-capital-gains-as-per-ownership-share-in-house-4095796/ Learn how to calculate and divide capital gains tax for jointly owned property and what to do if you missed the December 15
*******Decade-old income tax demands resurface on portal, leaving taxpayers scrambling for proof – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/decade-old-income-tax-demands-resurface-on-portal-leaving-taxpayers-scrambling-for-proof/articleshow/126312362.cms Synopsis Old income tax demands from as early as 2005 are resurfacing on tax portals, with accumulated interest often exceeding the principal amount.
*Five important changes in Income Tax Act and procedures in 2025 that will impact your future taxation
Clipped from: https://economictimes.indiatimes.com/wealth/tax/five-important-changes-in-income-tax-act-and-procedures-in-2025-that-will-impact-your-future-taxation/articleshow/126271623.cms 2025 has brought about several changes in the income tax laws and procedures. 2025 also saw the deadline for income tax return (ITR) filing being extended twice,
*******JAO vs. FAO: Section 148 Reassessment Powers – Evolving Delhi HC and SC Position
Clipped from: https://taxguru.in/income-tax/jao-vs-fao-section-148-reassessment-powers-evolving-delhi-hc-sc-position.html JAO vs. FAO: Reassessment Powers under Section 148 – Evolving Delhi High Court and Apex Court Position It is pertinent to note that
*****Stamp duty vs deal value: Homebuyer gets relief as ITAT Mumbai rejects addition of Rs 18 lakh income by tax dept for property valuation gap – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/stamp-duty-vs-deal-value-homebuyer-gets-relief-as-itat-mumbai-rejects-addition-of-rs-18-lakh-income-by-tax-dept-for-property-valuation-gap/articleshow/126264552.cms On December 16, 2025, the Income Tax Appellate Tribunal (ITAT) Mumbai granted relief to Mr. Naik from Bhandup, regarding an income addition made by the
*RBI cash transaction limits explained: How much cash can you use while buying gold, property or lending to your friend? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/rbi-cash-transaction-limits-explained-how-much-cash-can-you-use-while-buying-gold-property-or-lending-to-your-friend/articleshow/126271114.cms RBI cash transaction limits explained: Check details Many people use cash to buy groceries, meals, or other small purchases. Most of the time,
*Income tax reassessment based solely on Investigation Wing tip, with no incriminating material, quashed as invalid under ss147/148.
Income tax reassessment based solely on Investigation Wing tip, with no incriminating material, quashed as invalid under ss147/148. 26. Case-Laws – AT : Reassessment under ss.147/148
*****Income tax reassessment reopened on consolidated bank entries u/s148A(1); notice quashed as fishing inquiry without information.
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
*******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
aniltikotekar4sme.com 