INSANE: Income tax news topic | Vintage Vibes

Rs 67 lakh ancestral jewellery declaration in ITR triggers income tax notice of unexplained credit: Here's why lady won at ITAT Mumbai

Wife filed Schedule AL in ITR for first time and got hit with unexplained credit income tax notice for ancestral family jewellery worth Rs 67 lakh; she claimed it’s ancestral and wins relief in ITAT Mumbai.

The Economic Times · 12h ago

Rs 85.3 lakh cash gifts from relatives deposited in bank trigger unexplained deposit income tax notice; taxpayer contests and wins case in ITAT Chennai

Mr Amirtharaj from Thygarayanagar, got Rs 85.03 lakh cash gifts from his sister’s husband, uncle and other relatives, he deposited this cash in his bank account. After this he got an unexplained deposit tax notice. He wins case in ITAT Chennai; Know how.

The Economic Times · 17h ago

Son sells ancestral land for Rs 8 crore, buys 2 more properties; gets income tax notice but wins at ITAT Chandigarh: Know why

A family from Panchkula owned some ancestral land in a village. A member of this family sold his share of the the said land for Rs 8 crore and purchased two more lands and claimed Section 54B and Section 54F tax exemption. However, he got a tax notice.

The Economic Times · Oct 3

MTNL shares rally 17% as board approves Rs 892 crore Powai property sale amid debt worries

MTNL shares rose sharply after the company’s board approved the sale of its Powai property in Mumbai to the Income Tax Department for Rs 891.53 crore. The asset monetisation comes as the debt-laden PSU seeks to reduce liabilities, which stood at around Rs 40,000 crore in FY26, according to the…

The Economic Times · Oct 1

More than one quarter of big companies paid no tax

While big business paid $87.5 billion in income tax to Australia's tax office in 2024/25, major corporates like Santos and Optus did not pay a cent.

AAP · Oct 1

Hall Pass: Your Ticket to Understanding School Board Politics, Edition #225

Welcome to Hall Pass, a newsletter written to keep you plugged into the conversations driving school board governance, the politics surrounding it, and education policy.

Ballotpedia · Sep 30

Medicine shop owner deposits Rs 2.47 crore cash in bank account, gets income tax notice for unexplained cash; wins case in ITAT Delhi for this reason

Mr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisation period, he got an unexplained cash income tax notice. After a long legal fight he won the case in ITAT Delhi. This article explains how.

The Economic Times · Sep 30

Brother-in-law caught with Rs 4.34 lakh worth of foreign currency; income tax officer sends notice; he wins case in ITAT Delhi with help from sister-in-law

A brother-in-law got into trouble when he was found with Rs 4.34 lakh in foreign currency. A tax officer sent him a notice about it. But, the brother-in-law defended himself in front of the ITAT in Delhi, saying the cash belonged to his sister-in-law.

The Economic Times · Sep 30

Roth Contributions in Your Peak Earning Years: The Bracket Math That Can Cost You Thousands in Retirement

Roth contributions can make retirement income tax-free, but that benefit comes with a price today. During peak earning years, that price can land in a much higher federal tax bracket than the one that applies after leaving work.

The Free Financial Advisor · Sep 29

Rs 9.91 lakh income tax refund for senior citizen after proving that he mistakenly paid income tax on tax-free bonds; ITAT Delhi order explained

Mr Ajay Kumar Bakaya a senior citizen from Gurgaon faced a significant tax issue when he accidentally overpaid income tax on his tax-free bonds’ exempt interest income. After discovering this error, he filed a rectification application, which was initially rejected. He filed a case in ITAT Delhi and won it…

The Economic Times · Sep 29