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INSANE: Suresh surana | Rare Historical Photos

Indian moves to US for job, forgets to file ITR, Income Tax Dept imposes Rs 8.29 lakh penalty; ITAT Jaipur cancels penalty and gives full relief

Indian employee working in US imposed with Rs 8.29 lakh penalty for missing to file ITR after moving to US; ITAT Jaipur cancels penalty and gives full relief. ITAT Jaipur’sSMC bench who heard this case composed of Annapurna Gupta, accountant memberand Kuldip Singh, judicial member.

The Economic Times

Taxable income below Rs 12 lakh: Will you pay zero income tax if this income includes LTCG and STCG for Tax Year 2026-27?

Indian residents and HUFs can use the basic exemption limit to lower capital gains tax. This provision under the Income Tax Act, 2025, remains available for Tax Year 2026-2027. Unused portions of the exemption limit can offset special-rate capital gains after normal income is accounted for. Non-residents, firms, and companies…

The Economic Times

FD rate up to 8.5% for senior citizens investing for five years; know the list of banks

Select small finance banks offer senior citizens fixed deposit rates up to 8.5 percent. Suryoday Small Finance Bank provides 8.5 percent interest on five-year fixed deposits for seniors. Jana Small Finance Bank offers 8 percent interest on similar fixed deposit terms. Banks deduct TDS on FD interest exceeding one lakh…

The Economic Times

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Rs 1.17 crore interest income of minor child: Father faces Rs 12.83 lakh penalty; ITAT Delhi cancels it

Satbeer Singh Godara, judicial member and Amitabh Shukla, accountant member of ITAT Delhi, in a recent judgement ruled that a father can’t be slapped with Rs 12.83 lakh penalty under Section 270A if his ITR-reported income matches the assessed income and the only point of contention is the tax benefit…

The Economic Times

Rs 1.09 crore remittance sent home by an Indian working in Kuwait, but he didn't file ITR, received income tax notice; gets relief in ITAT Ahmedabad

Indian man working in Kuwait oilfields, got his salary in National Bank of Kuwait, remitted Rs 1.09 crore back to family in India, files no ITR, got an unexplained money tax notice u/s 69; he partially wins case in ITAT Ahmedabad

The Economic Times

Rs 34 lakh F&O trading loss: Income Tax dept calls it speculative, ITAT Delhi treats Rs 25 lakh as business loss

Taxpayer lost Rs 34 lakh in F&O trading but reports it as business loss; Income Tax dept treats it as speculative loss; ITAT Delhi treats Rs 9 lakh as speculative and the rest as business loss. The ITAT Delhi bench comprised of Sudhir Kumar, Judicial Member and Manish Agarwal, Accountant…

The Economic Times

Landlord deposited Rs 14.96 lakh cash during demonetisation, got tax notice: ITAT Bangalore grants relief

Landlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalore. The ITAT Bangalore bench which heard this case comprised of Waseem Ahmed, an accountant member and Keshav Dubey, a judicial member.

The Economic Times

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Income Tax Dept seized gold, diamonds and silver in a tax search operation from lady’s house and bank locker; she wins case in ITAT Mumbai

How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver items and jewellery kept in house and bank locker

The Economic Times

Gurgaon RWA sought charitable trust registration with rental and maintenance income; ITAT Chandigarh rejected RWA’s appeal for this reason

RWA earned rent by letting out common areas and collected maintenance from residents and seeked charitable trust registration; ITAT Chandigarh rejects RWA’s appeal. Laliet Kumar, a Judicial Member and Manoj Kumar Aggarwal, an Accountant Member of the Income Tax Appellate Tribunal (ITAT) Chandigarh gave this judgement.

The Economic Times

ITR was processed under the old tax regime due to tax consultant's mistake, taxpayer faced Rs 1.23 lakh demand: ITAT Bangalore allowed new tax regime

Rs 1.23 lakh tax demand notice sent as man filed ITR with new tax regime but it was processed with old tax regime due to tax consultant’s error, ITAT Bangalore allows his appeal. Know how Mr Shah won the case.

The Economic Times

Rs 25 lakh cash deposited in bank, income tax officer sends notice for unexplained cash u/s 69; Taxpayer wins case in ITAT Bangalore, here's why

Employee deposits Rs 25 lakh cash in bank; tax officer sends notice for unexplained cash u/s 69; Employee wins case in ITAT Bangalore; Know how. This judgement was given by Keshav Dubey, a judicial member and Waseem Ahmed, an accountant member of ITAT Bangalore

The Economic Times

Bengali Hindu landlord’s Rs 1.89-crore rental income faced tax dispute over HUF status: Why ITAT Delhi gave relief

Bengali Hindulandlord earns Rs 1.89 crore rental income in Delhi, reports it in his HUF’sITR; Income Tax dept rejects it on the ground that Dayabhaga Hindu can’t have an HUF, landlord wins case in ITAT Delhi

The Economic Times

Gamer invested Rs 2.61 crore to play online rummy and poker games; loses net Rs 28 lakh, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore. Waseem Ahmed, the Accountant Member, and Soundararajan K., the Judicial Member of ITAT Bangalore heard this…

The Economic Times

Employee showed Rs 9.6 lakh EPF interest in ITR by mistake, got income tax notice: He fought and got full relief in ITAT Mumbai

Income Tax Dept sent tax notice for Rs 9.6 lakh EPF interest which employee never received but erroneously shown in ITR as received; he fights and wins case in ITAT Mumbai. This judgement was delivered by Challa Nagendra Prasad, the Judicial Member, and Makarand Vasant Mahadeokar, the Accountant Member of…

The Economic Times

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The Economic Times

Rs 41 lakh cash deposit but no ITR: Bengaluru man claimed his wife and father paid his expenses; ITAT Bangalore refuses relief on this ground

Waseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgement refused to condone a delay of about 4 years in an unexplained cash deposit case after the taxpayer explained he only got to know about this tax notice while applying for visa for overseas…

The Economic Times

Rs 16 lakh cash seized in income tax raid, tax officer calls it unexplained cash; Taxpayer claims it to be family money, he fights and wins the case in ITAT Mumbai

During an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and calls it unexplained cash; he wins case in ITAT Mumbai. Read the article to know how.

The Economic Times

FD rate up to 8.5% for senior citizens investing for five years; know the list of banks

For senior citizens, certain banks have enticing fixed deposit options offering interest rates as high as 8.5 percent. These deposits, with a maximum limit of Rs 3 crore, are typically available for a five-year tenure. Importantly, if the interest earned exceeds Rs 1 lakh in a year, TDS is deducted.

The Economic Times

Man receives $3.14 lakh from redemption of Bermuda-focused fund; Income Tax Dept considers it black money, imposes Rs 1.8 crore penalty and tax, but he wins case in ITAT Delhi

Indian man working in Singapore gets $3.14 lakh from redemption of units of Bermuda focussed investment fund; Tax dept deems it black money and imposes Rs 1.8 crore penalty and tax; he wins case in ITAT Delhi. Read the article.

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The Economic Times

Retiring early? Know how much tax exemption can employees claim for VRS

You can claim full tax exemption on VRS if the scheme was launched under special framework; Know how it works for employees claiming VRS.

The Economic Times

NRI can’t sell Indian property before October 1, 2026 if buyer does not have TAN; Know how to apply for TAN online

The TDS rulesfor NRIs say that there isno thresholdlimit for TDS deduction, whereas resident Indians get a threshold limit of Rs 50 lakh before TDS isrequired to be deducted. Also the TDS rate for NRIs depends on three factors. Read the article.

The Economic Times

Is severance pay received under a VRS taxable for all employees? Know what the Income Tax law says

Severance pay received under a voluntary retirement scheme is not always taxable for all employees; Know why and what the tax law says

The Economic Times

Rs 2.25-crore notice under Black Money Act to Delhi couple over Singapore, British Virgin Islands assets: ITAT Delhi gave full relief to taxpayer, know why

Tax officer sent black money notice to Pitampura based couple and added Rs 2.25 undisclosed money from Singapore and British Virgin Islands to their income but ITAT Delhi cancels these additions. Know how this couple won the black money case.

The Economic Times

Rs 5.31 lakh income tax refund denied as taxpayer did not claim it in the original ITR; he approaches ITAT Delhi and wins the case to get tax refund with interest

Rs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Section 148 ITR; ITAT Delhi orders the tax dept to issue the refund with interest.

The Economic Times

Man constructs a house before selling his old property and claims income tax exemption under Section 54; Income Tax Department sends notice; he wins case in ITAT Delhi

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays no tax, tax dept sent notice, man wins case in ITAT Delhi; Know how. This Paschim Vihar property was purchased on July 20, 2005 for Rs 6.48 lakh (including stamp duty).

The Economic Times

SBI's error in depositing TDS cost landlord Rs 2.7 lakh in TDS credit; Landlord fights in ITAT Agra and wins the case

SBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's PAN, leading to tax dept denying Rs 2.7 lakh TDS credit as landlord only declared 1/3rd rent in ITR; Landlord fights in ITAT Agra and wins case; Know why

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