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ITAT KOLKATA
Wife gets income tax notice after husband sells joint property Rs 14 lakh below market price; she fights back and wins the case in ITAT KolkataWife escaped income tax notice as she proved in ITAT that her husband entirely paid for their joint property which was sold for Rs 14 lakh ...- 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 reasonSold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as ex...
- Kolkata woman made Rs 26 crore profit in stocks and paid zero tax: Here's how she did it legallyA Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constr...
- Lady wins Rs 83 lakh capital gains tax exemption case: ITAT Mumbai flags officer’s jurisdiction errorA taxpayer successfully challenged an Rs 83 lakh capital gains tax exemption denial in ITAT Mumbai. The Income Tax officer erred by reopeni...
- Lady sells listed equity shares for Rs 26 crore and constructs house, pays no capital gains tax; ITAT Kolkata rules in her favourA woman successfully claimed capital gains tax exemption on Rs 26 crore from selling shares. The Income Tax Appellate Tribunal in Kolkata r...
- Man gets tax notice of Rs 18 lakh for buying land at low price, ITAT Ahmedabad quashes it; here's whyThe Ahmedabad branch of the Income Tax Appellate Tribunal has issued a pivotal judgment, reaffirming that agricultural land retains its sta...
- Employer deducted TDS but didn’t deposit it: ITAT Kolkata saves employee from Rs 14 lakh tax demandIn a noteworthy decision, the Income Tax Appellate Tribunal in Kolkata has come to the aid of an employee who found themselves in a challen...
- Rs 80 lakh gift from brother-in-law lands man in tax trouble; here’s how he won the caseA UAE resident received Rs 80 lakh as a gift from his brother-in-law. The tax department issued a Rs 69 lakh tax demand. However, the Incom...
- Husband bought property for Rs 60 lakh jointly with wife; Income tax dept sent her notice for unexplained investments; she wins case in ITAT DelhiIn a peculiar case, a wife faced tax scrutiny for a property purchase recorded by the sub-registrar, despite her husband declaring the inve...
- Looking into vacancies in Income Tax appellate tribunals: SCThe Supreme Court has assured the Bangalore Bar Association that it is addressing the issue of vacancies in income tax appellate tribunals ...
- Income tax sop available even if capital gains not used for new house: ITATIf on sale of a residential house ( held for at least two years), the taxpayer makes a profit, then such profit is treated as a long-term c...
- Shah Rukh Khan wins Income Tax case on earnings from Kaun Banega CrorepatiShah Rukh Khan had claimed a deduction of Rs 10 crore -- which he claimed was his expense -- while computing his business income.
- Income Tax Appellate Tribunal order about Jama kharchi leaves traders in a limboJama kharchi companies "accommodate" accounting entries that help both the companies and give 2-4% commission to the go-between.
- Kolkata bench of ITAT allows Rajarani Exports to claim benefit for bribeITAT justified its decision by holding that there was no material to suggest the taxpayer company, Rajarani Exports, was aware that the pay...
- Section 54 EC of I-T Act: Assessee, minor children eligible for separate tax exemptionThe clause exempts long term capital gains up to Rs 50 lakh if they are reinvested in prescribed securities.
- Provisions of Section 40 (a) (ia) are retrospective in nature: ITATITAT has passed an order in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amen...
- Law Ministry seeks more information in ITAT caseThe Law Ministry is seeking more information to prosecute 20 members of IT tribunal for their alleged role in outsourcing writing of judgem...
- Set transfer pricing value on deal basis, rules ITATIn what could provide relief to multinational taxpayers, the Income Tax Appellate Tribunal, Kolkata, has ruled that arm’s length price shou...
- MNC banks earning interest from abroad to be taxed hereThe Income-tax Appellate Tribunal (ITAT), Mumbai has held that the interest received by branches in India from their overseas headquarters ...
- Tax disputes to be settled faster soonSoon your tax appeals before the Income-Tax Appellate Tribunal will be decided in a month or two.
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