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
Category: Seven Star
*******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.
*******Big relief for PF nominees: Supreme Court says govt can’t deny payout for lack of succession certificate even for amounts over Rs 5,000 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/big-relief-for-pf-nominees-supreme-court-says-govt-cant-deny-payout-for-lack-of-succession-certificate-even-for-amounts-over-rs-5000/articleshow/127158631.cms Listen to this article in summarized format On January 7, 2026, the Supreme Court of India ruled that even if the General Provident Fund (GPF) balance is
*******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
*******Managing the small things – The HinduBusinessLine
https://www.thehindubusinessline.com/opinion/managing-the-small-things/article70526379.ece Clipped from: https://www.thehindubusinessline.com/opinion/managing-the-small-things/article70526379.ece GST rules need a tweak to help businesses Swami Vivekananda once said if you really want to judge the character of a
*******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
*******Centre plans collateral-free microloans for gig and domestic workers | Finance News – Business Standard
Clipped from: https://www.business-standard.com/finance/news/centre-plans-collateral-free-microloans-for-gig-and-domestic-workers-126011700142_1.html A new scheme will provide loans of up to ₹10,000 to gig workers and domestic helps, modelled on PM-SVANidhi, to support entrepreneurship and
*******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
RBI ombudsman authorised to clear compensation up to ₹30 lakh – The HinduBusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/rbi-ombudsman-authorised-to-clear-compensation-up-to-30-lakh/article70515676.ece The Reserve Bank will establish the Centralised Receipt and Processing Centre at one or more places to receive the complaints filed under the
*******Reopening Invalid When Search Material Triggers Section 153C
Clipped from: https://taxguru.in/income-tax/reopening-invalid-search-material-triggers-section-153c.html ITO Vs Sagar Construction Company BA Gateway (ITAT Pune) Search-Based Information Triggers Section 153C, Not Reopening u/s 147 — ITAT Pune Dismisses Revenue
*******Capital Gains Recomputed After Proving Gift-Funded Purchase Cost
Clipped from: https://taxguru.in/income-tax/capital-gains-recomputed-proving-gift-funded-purchase-cost.html Mohsin Himmati Vs ADIT (ITAT Hyderabad) Father’s Bank-Funded Payments Allowed as Cost of Acquisition — ITAT Hyderabad Grants Full LTCG Relief The Hyderabad
*******Reopening After 3 Years Invalid If Escapement Is Below ₹50 Lakh
Clipped from: https://taxguru.in/income-tax/reopening-3-years-invalid-escapement-rs-50-lakh.html Sanjay Champalal Jaiswal Vs ITO (ITAT Pune) Reopening Beyond Three Years Invalid Where Escapement Is Below ₹50 Lakh — ITAT Pune Quashes Reassessment
*******Reassessment Quashed for Issuance of Notice Outside Faceless Regime
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-issuance-notice-faceless-regime.html Thilak Babu Boppana Vs ITO (ITAT Hyderabad) Reassessment Quashed for Want of Faceless Jurisdiction — ITAT Hyderabad Applies Kankanala Ravindra Reddy The Hyderabad
*******Service of statutory email notices to wrong address (husband’s) undermines validity of s.272A(1)(d) penalty; penalty set aside
Service of statutory email notices to wrong address (husband’s) undermines validity of s.272A(1)(d) penalty; penalty set aside 8. Case-Laws – AT : Whether penalty under section
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