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
Category: Seven Star
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
*******Rupee depreciation: Is RBI intervention deferring the inevitable? – The HinduBusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/rupee-depreciation-is-rbi-intervention-deferring-the-inevitable/article70505255.ece To maintain currency stability, RBI interventions must be accompanied by a focus on domestic growth conditions, better fiscal management, controlling inflation volatility, and
*******The truth about ‘please’, ‘thank you’ and ChatGPT’s energy use – The HinduBusinessLine
Clipped from: https://www.thehindubusinessline.com/news/science/does-adding-please-and-thank-you-to-chatgpt-prompts-really-waste-energy/article70512115.ece Each AI query requires fresh computation, unlike traditional digital services, making usage directly linked to energy consumption. As AI adoption accelerates, its environmental
*******Budget 2026-27: The next five reforms India needs to boost growth | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/budget-2026-27-the-next-five-reforms-india-needs-to-boost-growth-126011501336_1.html They can help ensure that India remains on a high-growth trajectory over the next two decades For the first half of this year,
*******AI-based financial scams: Set a family code word for emergency requests
Clipped from: https://www.business-standard.com/finance/personal-finance/ai-based-financial-scams-set-a-family-code-word-for-emergency-requests-126011500832_1.html Pause and verify the caller’s identity independently before transferring funds AI is supercharging financial scams with speed, scale and personalisation, making fraud harder
*******Sold Indian property for Rs 2 crore, TDS deducted but no ITR filed: Why Delhi HC denied tax relief to NRI – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/sold-indian-property-for-rs-2-crore-tds-deducted-but-no-itr-filed-why-delhi-hc-denied-tax-relief-to-canadian-citizen-of-indian-origin/articleshow/126539540.cms On December 23, 2025, the Delhi High Court turned down a plea from a senior citizen of Indian origin who was asking for
*******Section 54 Capital Gains Tax Exemption – What Constitutes Date of Transfer?
Clipped from: https://taxguru.in/income-tax/section-54-capital-gains-tax-exemption-constitutes-date-transfer.html This article forms Part II of a series on capital gains exemption under Section 54 of the Income-tax Act, 1961, and examines the
*******NRI tax dispute: How Section 6 residency rules cost Binny Bansal his tax appeal – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/nri-tax-dispute-how-section-6-residency-rules-cost-binny-bansal-his-tax-appeal-510869-2026-01-14 Tax advisory platform Tax Buddy said the crux of Binny Bansal’s case lay in how India’s residency rules are interpreted under Section 6
*******NRI bought Rs 66 lakh property in India, paid TDS but didn’t file ITR, got tax notice; he fights and wins relief in ITAT – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/nri-bought-rs-66-lakh-property-in-india-paid-tds-but-didnt-file-itr-got-tax-notice-he-fights-and-wins-relief-in-itat/articleshow/126504842.cms On November 7, 2025, the ITAT Ahmedabad provided relief to Mr. Patel, a resident and citizen of the USA, after the tax dept sent him a notice
*******ITAT Grants Relief on Unexplained Income in ₹94-Lakh Property Sale Despite Invalid Income Tax Return [Read Order]
Clipped from: https://www.taxscan.in/top-stories/itat-grants-relief-on-unexplained-income-in-94-lakh-property-sale-despite-invalid-income-tax-return-1441776?TRN300=cEBgzRSUCAUPBvDdVWxMsKgwaszDGdMkeDUEGhPhWZxMvuFciMSkjydRkMCAsx&LKD333=3335995 The statutory mandate under section 69A requires that where the explanation furnished by the assessee is supported by credible evidence and is not
*******Why Should Parents-in-Law Pay Income Tax on Gifts Given to a Daughter-in-Law?
Clipped from: https://www.taxscan.in/top-stories/why-should-parents-in-law-pay-income-tax-on-gifts-given-to-a-daughter-in-law-1440613?from-login=836083&token=RDWEBLBKANG2QPINHG6JME8227VE14Q4NHSPG Why should parents-in-law pay income tax on income from assets they have already gifted away to their daughter-in-law? In most Indian households, financial
*******RBI bars resident Indians from issuing credit guarantees to NRIs | Finance News – Business Standard
Clipped from: https://www.business-standard.com/finance/news/rbi-bars-resident-indians-from-issuing-credit-guarantees-to-nris-126011201269_1.html Resident creditors can obtain guarantees, but where both the principal debtor and the surety are non-residents, the underlying transaction must comply with foreign
*******Prospects for faster growth amid lingering macro and structural constraints
Clipped from: https://www.business-standard.com/opinion/columns/prospects-for-faster-growth-amid-lingering-macro-and-structural-constraints-126011201392_1.html While the economy is well poised, key macro numbers and structural constraints continue to weigh Successive years of rapid economic growth have encouraged
*******Income tax return filing rules to change: How the new law will make ITR easier in AY 2026-27 – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-return-filing-to-be-much-easier-in-2026-here-are-key-changes-to-be-introduced-4104825/ From April 1, 2026, income tax return filing is set to become significantly easier with the new Income-tax Act, 2025. With simpler language,
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