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THE TRUTH ABOUT: Cit | History Defined

NRI sells his Bangalore property for Rs 2.63 crore, declares Rs 16.33 lakh LTCG, gets tax notice; he fights and wins partial relief from ITAT for this reason

Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as expenses; Tax dept denied the expenses; ITAT Bangalore allows partly allows his expenses claim. Know why did the NRI win the tax case in ITAT Bangalore.

The Economic Times

'Medical issues' cause delays in CIT chief's case against previous employer

Court has heard of delays in case against TAFE NSW.

The Canberra Times

Canberra Institute of Technology board refuses to explain CEO's absence

Dr Margot McNeill hasn't been seen at work for two weeks.

The Canberra Times

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Husband trades through wife’s demat account, incurs Rs 1.95 crore loss; tax dept sends notice over clubbing of income, ITAT Lucknow grants him relief

A husband's attempt to offset substantial stock market losses against his income was initially rejected by tax authorities. Despite trading using his wife's demat account and gifting her Rs 1.15 crore, the tax department argued the Rs 1.95 crore loss, including Rs 80 lakh from her own funds, was hers…

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

The Economic Times

Federal Circuit Stays Enforcement of Ruling Against Trump's Section 122 Tariffs

The ruling is flawed on both substantive and procedural grounds.

Reason

Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration

Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long-term capital gains from unlisted shares. The ITAT Delhi ruled that depositing unutilized funds in the Capital Gains Account Scheme was unnecessary as the property was purchased before filing the ITR. The tribunal also…

The Economic Times

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The Trump Administration Is Still Fighting To Keep Billions in Illegal Tariff Revenue

The administration has paid $20 billion in refunds. Now, it is asking a federal appeals court to limit which businesses will get the rest.

Reason

How the ACT is silencing public servants who want a better deal for Canberrans

Two public servants spoke up. The government voted for silence.

The Canberra Times

'There's no way' hire cars were taken apart by CIT students, CEO says

CIT CEO rejects 'offensive' allegations.

The Canberra Times

Canberrans at 'significant risk of injury or death' after unqualified CIT students pull apart hire cars

CIT CEO allegedly did not respond to whistleblower's warnings.

The Canberra Times

CIT advertised deputy position weeks before CEO's misconduct was revealed

'CIT has been experiencing a range of cost pressures,' minister says.

The Canberra Times

The sink was smashed, her hand was broken and she was about to become homeless

'It can happen to anybody. It happened to me.'

The Canberra Times

Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds…

The Economic Times

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Reason

US Court of International Trade Refuses to Stay Injunction Against Trump's Section 122 Tariffs

The decision means the injunction blocking collection of the tariffs will not be blocked while litigation continues.

MarketBeat

CI&T Q1 Earnings Call Highlights

CI&T (NYSE:CINT) reported record first-quarter 2026 revenue and raised its full-year outlook, citing broad demand for artificial intelligence-related services and early traction from new pricing models designed to capture more of the value created by AI-driven productivity gains. Founder and CEO Ce

Reason

Federal Court: Trump's Newest Tariffs Are Also Illegal

Trump's use of Section 122 ignored the plain language of the law and invoked a broad executive power where Congress clearly provided a narrow one.

Reason

Thoughts on Today's Oral Argument in the Section 122 Tariff Cases

The outcome is unclear. But the judges seemed skeptical of the Trump Administration's claims that Section 122 grants them sweeping tariff powers.

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Reason

In New Tariff Cases, Trump Asserts 'Unreviewable' Power To Invent a Balance-of-Payments Deficit

The Court of International Trade is weighing the legality of the import taxes that the president wants to impose under Section 122 of the Trade Act of 1974.

Euronews

US could owe over €110bn in tariff refunds after court rejects Trump delay

After the US federal appeals court rejected Trump’s attempt to postpone proceedings on refunds for tariffs, the CIT must now establish a framework for what could become the largest tariff refund operation in US history.

Reason

Trump's Rationale for His New Tariffs Contradicts the Position He Took Before His Supreme Court Defeat

The president is relying on a provision that the government's lawyers said had no "obvious application" to his goal of reducing the trade deficit.

The Guardian - US

US businesses clamor for refunds after supreme court strikes down Trump’s tariffs

Refunds were not addressed by supreme court ruling, and they’ll likely play out in lower courts over extended period

Reason

Even Without the 'Emergency' Powers SCOTUS Rejected, Trump Has a Bunch of Tariff Options

There are many laws that explicitly authorize the president to impose taxes on imports, but they include limits that Trump was keen to avoid.

Sports Illustrated

The College Basketball Players and Teams Implicated in Federal Game-Fixing Indictments

The scheme allegedly involves at least 39 players, 29 games and 17 Division I men’s basketball teams from the 2023–24 and ’24–25 seasons.

RideApart

The Kawasaki Tariff Case Takes Yet Another Turn, and It's No Holiday

Even more companies with names you might recognize have joined the case, but it's not yet clear what the New Year will bring.

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