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SHOCKING: 2 - You Need To See This

Income Tax department labels her stock market trader, denies investor status; she fights and wins Rs 54 crore capital loss claim at ITAT

Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term capital loss as a business loss. The ITAT Chennai ruled she is an investor, not a trader, allowing the loss to be treated as a capital loss. This decision was supported by a 2016 CBDT circular…

The Economic Times

Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)

The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadline of June 15, 2026, requires tax officers to forward selected cases for scrutiny. Taxpayers with errors can file updated returns or provide explanations during scrutiny.

The Economic Times

Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rules

A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her favor, accepting her explanation for cash deposits from a property sale and sale of household items. The tribunal noted individual transactions for household items were below the Rs…

The Economic Times

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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

Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT Chennai

A Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, including Rs 2.5 lakh in cash, and buying a new one from her son-in-law. The ITAT Chennai ruled in her favor, upholding the validity of registered documents and bank transactions, and deleting additions made…

The Economic Times

Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts

Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void…

The Economic Times

Leave encashment tax rules for AY 2026-27: How much exemption salaried employees can claim

ITR Filing 2026-27: Salaried employees can claim tax exemption on leave encashment at retirement. While government employees enjoy full exemption, private sector employees have a limit of Rs 25 lakh, subject to specific calculations based on earned leave and salary. This income is reported under 'Income from Salary' in the…

The Economic Times

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Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced

Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s…

The Economic Times

FD rate up to 8% for senior citizens investing for three years; Know list of banks

Senior citizens can secure fixed deposit interest rates up to 8 percent for a three-year investment. Several small finance banks are offering this attractive rate for deposits up to Rs 3 crore. Investors should be aware of TDS rules and the option to submit Form 15H to avoid deductions if…

The Economic 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

Gave up tenancy, got new flat redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

A Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Income Tax Appellate Tribunal ruled in his favour. The tribunal stated that the surrender of tenancy rights, the taxable event, had not occurred in the year under…

The Economic Times

Gave up tenancy, got new flat in redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

The Economic Times

FD rate up to 8.05% for senior citizens investing for five years; Know list of banks

For senior citizens looking to maximize their savings, attractive fixed deposit rates are still within reach. Suryoday Small Finance Bank proudly tops the list with an impressive 8.05% for a five-year commitment. Other small finance institutions are also stepping up with competitive offers. Remember, while it's tempting to chase high…

The Economic Times

Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark ruling

Aishwarya Bachchan won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. The tax department denied this. ITAT ruled in her favour, allowing the deduction. The tribunal cited consistency in accepting similar claims and sufficient proof of…

The Economic Times

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The Hindu

The fineprint on the new tax on Employees’ Provident Fund income

What are the guidelines on taxing Provident Fund contributions? Who is going to be impacted?

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