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CASH TRANSACTION PENALTY
Property seller accepts Rs 5.52 lakh cash from buyer, faces income tax penalty; ITAT Cuttack grants relief due to this technical reasonIn a notable case, Mr. Choudhury was penalized by the Income Tax Department for accepting cash during a property sale. His Chartered Accoun...- Rs 48 lakh in cash received from the sale of two properties, paid capital gains tax but received an income tax notice; taxpayer wins the case in ITAT Cuttack for this reasonMr. Purushottam residing in Kabisurya Nagar, encountered a penalty for accepting cash payments linked to his property sales. He sold two pr...
- Rs. 400 crore of ‘cash’ that existed only on paper: Not for the first time, nor will it be the lastWhen something is wrong inside a company, the people running it know first. The auditors may sense it next. A regulator might confirm it ye...
- Rs 21.6 lakh speculative trading loss in stock market triggers Income Tax notice for no tax audit; Trader wins case at ITAT CuttackMr. Kumar, a diligent stock trader, faced considerable financial setbacks but overlooked the necessity of a tax audit. In response to his f...
- Insurance agent deposits Rs 35 lakh cash collected from policyholders in his bank account, gets tax notice; he fights and wins in ITAT JaipurPolicyholders gave Rs 35 lakh cash as insurance premiums which agent deposited in his bank a/c; Income Tax Dept sent agent notice for unexp...
- Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda CorpThe Indian stock market continues its upward momentum, with the Nifty 50 showing a robust rally and hitting significant resistance levels. ...
- US midterm elections 2026: Are banks open on Election Day? Is the US stock market open today? November 3 trading schedule for Dow Jones, S&P 500 and NasdaqAre banks and the stock market open on Election Day 2026? Check November 3 federal holiday status, NYSE and Nasdaq trading schedules, and h...
- Paris Jackson net worth: How rich is Michael Jackson’s daughter as she seeks $600 million from father's estate after 17 years?Paris Jackson has approached a Los Angeles court seeking a $600 million transfer from her late father Michael Jackson's estate to a family ...
- A Rs. 48 crore profit on paper, a Rs. 231 crore loss in reality: How a debt ‘turnaround’ can be an accounting illusionA company struggling with losses suddenly reports a profit. Its financial position appears to improve, raising hopes of a turnaround. But w...
- As US airlines deploy AI pricing tools, startups help travelers cash in on fare dropsInnovative startups such as JetBack, Junova, and Refare are harnessing artificial intelligence to assist travelers in reclaiming fare discr...
- Axis Bank to revise savings account charges from December 1, 2026: Free transaction limit to fall; EDGE Rewards Program to end; charges to riseAxis Bank will implement a new fee structure affecting its domestic and NRI savings accounts. The free cash transaction limit will reduce f...
- Rs 24 crore cash sales in Form 26AS, Rs 4-crore tax demand: How a five-star hotel cook won his case in Delhi High CourtMr. Lalit, a cook at Hotel Ashoka, received a surprising income tax notice claiming Rs 4 crore. This notice cited Rs 24 crore in cash sales...
- ESOP Muddle: 7 ways ESOPs are used to trick accounts, taking minority shareholders for a rideCompanies do not always pay employees through salaries and bonuses. Sometimes, they reward them with shares – or the right to buy shares at...
- Sebi preparing fresh round of reforms in IPO market, short-selling rules: ChairmanSebi is planning comprehensive reforms covering IPO disclosures, SME listings, corporate bond trading, and short-selling rules to ease comp...
- ₹1.70 crore undisclosed cash alleged in property sale, Income Tax Dept relies on WhatsApp chats and Excel sheets; here's why taxpayer wins at ITAT DelhiThe Delhi Income Tax Appellate Tribunal quashed the assessment against Mr. Sehgal regarding alleged undisclosed cash. The Income Tax Depart...
- Stocks in news: Reliance Industries, Jio Financial, Tata Tech, HDB Financial and WiproIndian equity benchmarks ended lower after a volatile session influenced by strong wholesale inflation and elevated crude oil prices. The N...
- No rate cuts, but big GST relief: 8 reforms on refunds, ITC, registration and enforcement | ExplainedThe GST Council has approved a sweeping process overhaul, easing registration, speeding up refunds, widening input tax credit and reducing ...
- Compensation of Rs 100 to Rs 5,000 per day for delay by bank in processing your request in these 5 situationsFrom stuck credit card closure requests to lost property papers, RBI rules require banks to pay you for every day they're late. A customer ...
- FAST-DS 2026: Have undisclosed overseas crypto assets? Know the ₹1 crore and ₹5 crore threshold rules before you discloseIf you're managing cryptocurrency on international exchanges without disclosing them in India, the Foreign Assets of Small Taxpayers – Disc...
- Visa and Mastercard $167.5M ATM settlement: Who qualifies, how to claim and key deadlinesA landmark settlement has been reached in the United States, with Visa and Mastercard agreeing to pay $167.5 million over ATM surcharges. E...
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