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ITAT PUNE
Poised for win in Baramati bypoll, Sunetra Pawar urges supporters to avoid victory ralliesSunetra Pawar is set for a significant win in the Baramati bypoll. She has asked NCP workers and supporters to avoid victory processions. P...- Man sold land for Rs 3.21 crore, denied tax relief under Section 54F: Why ITAT Pune allowed full tax exemptionA Pune man successfully challenged the Income Tax Department, securing a full tax exemption on his Rs 3.21 crore land sale. Despite a techn...
- Denied Rs 91.45 lakh capital gains relief, taxpayer appeals in ITAT; tribunal turns the table on Income Tax DepartmentThe Income Tax Appellate Tribunal (ITAT) Pune ruled that investing full capital gains into a new property qualifies for Section 54F exempti...
- Rs 27K income tax liability became Rs 9.44 lakh: Pune taxpayer claims fake deductions of Rs 10.65 lakh; taxman imposes 200% penalty; ITAT upholds fineA Pune taxpayer faces a hefty Rs 9.44 lakh penalty for misreporting Rs 10.65 lakh in deductions, including fake claims for political donati...
- Tax Dept accuses lady of taking Rs 3 crore cash in property deal; ITAT Mumbai disregards WhatsApp chat evidence, says no proof, no taxSmt. Shah successfully challenged the Income Tax Department's claim of receiving Rs 3 crore in cash during a property sale. The ITAT Mumbai...
- Builder delayed agreement by 5 years, tax dept denied 54F relief; why ITAT Mumbai sided with woman who sold land for Rs 70 lakhA Mumbai woman successfully claimed capital gains tax exemption under Section 54F after selling land for Rs 70 lakh and investing in a new ...
- Brother got Rs 10 lakh cash from two sisters, tax dept had doubt and sent notice; he fought back and won case in ITAT AgraAn Agra man successfully appealed a tax ruling that deemed gifts from his sisters as unexplained cash. The Income Tax Appellate Tribunal ru...
- Father and son jointly sell ancestral land for Rs 13 crore; father gets tax notice; they file appeal in ITAT Pune and win caseA father and son sold ancestral land for Rs 13 crore, but the buyer's TDS error led to a tax notice for the father. The ITAT Pune ruled in ...
- Grandmother gave him Rs 10 lakh and created gift deed but income tax dept issued him notice; grandson partly wins case in ITAT Pune due to this reasonVikram received a Rs 10 lakh cash gift from his grandmother in 2016, prompting an income tax notice for unexplained income. Despite a gift ...
- He sold ancestral land for Rs 1 crore but in ITR showed only Rs 2.45 lakh income; Wins case in ITAT Chennai due to this reasonMr. Natesan sold ancestral land for Rs 1 crore, investing Rs 82 lakh in a house and declaring Rs 2.45 lakh income. Initially facing a tax d...
- Shinde wins Rs 1.4 lakh tax penalty case despite claiming false income tax deductions to reduce income by 50%; Know the detailsMr. Shinde faced a penalty for claiming false tax deductions. He blamed his consultant, Mr. Patil, for the error. Shinde promptly paid the ...
- No LTCG tax on Rs 1.32 crore house bought only at Rs 45 lakh: Homebuyer wins LTCG tax exemption case at Delhi ITAT after 7 years fightA homebuyer faced legal and tax challenges after buying a Delhi property, including a dispute over the sale agreement and issues with incom...
- Reimbursement claimed on welfare expenses incurred by multinationals in India outside gamut of tax: ITATTax tribunal lays out ground rules for taxing such expenses, should benefit Indian arms amidst Covid pandemic. It said that there should be...
- Sachin Tendulkar won’t have to pay tax on notional rent, rules I-T tribunalTendulkar owned two flats in Pune, a flat in Sapphire Park and another in Treasure Park costing Rs 60.6 lakh and 82.8 lakh, respectively.
- Tax queries: What is your tax liability for short term trading in the stock market?Profit or loss from the transactions without taking delivery of the securities will be treated as speculation profit/loss in case of share ...
- Vodafone agrees to meet finance ministry officials on long-pending tax issueTop sources in finance ministry say that Vodafone has agreed to meet officials in the finance ministry to proceed with the process of settl...
- Foreign MNCs can now carry forward lossesHowever, the section does not deal with a situation when the subject company is a subsidiary of a foreign company that is listed abroad.
- ‘Denial of export benefit to US co not discriminatory’The Pune Income-Tax Appellate bench has held that the denial of export benefits to an American company operating in India could not be cons...
- Claim tax relief on overseas lossesCompanies need not pay tax on profits abroad but can offset losses against tax liability.
- Payment by shares to acquire knowhow eligible for tax sopsPayment by issue of shares, for the purpose of acquiring know-how, is eligible for tax deduction, according to a ruling by Income-Tax Appel...
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