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INCOME TAX CASH PROPERTY CASE
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...- Jointly owning property to save tax? Why married couples must also plan for ownership and inheritanceCouples should focus on establishing shared ownership of assets and developing a continuity plan to access these in case of emergencies. It...
- He retired at 30 with 14 flats worth Rs 2.8 crore earning Rs 42 lakh a year, but isn't happyA Chinese man who invested more than Rs 2.8 crore in 14 ageing apartments managed to retire at 30, earning around Rs 42 lakh a year from re...
- Joint accounts, tax savings, wills: How couples can protect their wealthFinances are a cornerstone of marriage, shaping both relationships and futures. At the ET Wealth Expo 2026, specialists emphasized the nece...
- Cement trader deposits Rs 14.74 lakh during demonetisation, gets tax notice over Rs 5.72 lakh unexplained cash; wins case in ITAT CuttackMr. Patra, a cement trader from Balasore, encountered problems with the Income Tax Department over cash deposits that were deemed unexplain...
- Investing in real estate? Know how much property is too much, and when you should diversifyAt the ET Wealth Expo 2026, a dynamic panel engaged in a thought-provoking dialogue about the contrasts between investing in real estate an...
- Godrej Properties to launch Rs 32,000 cr homes H2 FY27 amid strong housing demandGodrej Properties intends to launch residential projects worth Rs 32,000 crore in the upcoming fiscal year. The company aims to double its ...
- Taxpayers fret over loose ends in amnesty scheme, seek CBDT clarity on foreign asset disclosure rules as deadline nearsMany taxpayers are unsure if they need to report various accounts due to ambiguous regulations. Clarification is being sought from the Cent...
- 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...
- Daughter took father’s land by paying Rs 7.25 lakh in cash to her brothers and abandoned father, he filed a court case; Karnataka HC gives back the land to himMr. Bairappa had given his land to his daughter with the understanding of receiving care. However, she betrayed him by denying assistance a...
- Rs 8.02 lakh leave encashment tax exemption denied: Retired employee wins case in ITAT SuratRetiree Mr. Patel from Bharuch, Gujarat, sought a complete tax exemption on Rs 8.02 lakh of leave encashment. Initially, his company certif...
- Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT SuratMr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The In...
- 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...
- Son gets income tax notice for Rs 33.23 lakh in property investment and cash; he gets relief in ITAT Jaipur for this reasonMother sold 642 grams gold jewellery, gifts the amount to son via notarised gift deed, son buys property and deposits cash in bank but gets...
- ₹16 lakh jewellery, ₹3.88 lakh cash treated as unexplained income; here’s why the taxpayer wins at ITAT HyderabadIn a significant ruling, the Hyderabad ITAT absolves Mr Chintakunta of tax additions regarding unexplained cash and jewellery found during ...
- Rs 3.2 crore found in blue drums buried in UP village; police probe brothers' Mumbai, Pune linksThe recovery of Rs 3.2 crore from three buried blue drums in Uttar Pradesh's Nawabganj has prompted investigators to examine two brothers' ...
- Rs 60 lakh cash deposit in widow's bank account triggers income tax notice for unexplained credit; she fights back and wins in ITAT PuneMs Parve’s counsel argued in ITAT Pune that she is a housewife and never filed her income tax return (ITR) as she had no independent source...
- Delhi techie couple donates Rs 50 to political party, claims Rs 40 lakh ITR deduction, evades Rs 5.3 crore income tax, faces IT probeA Delhi-NCR techie couple allegedly claimed Rs 40 lakh in tax deductions after donating just Rs 50 to a political party. An Income Tax Depa...
- ₹20.45 lakh cash deposits, ₹12.64 lakh capital gains from property sale questioned by Income Tax Department; here’s why woman wins relief at ITAT HyderabadA Telangana woman successfully challenged an income-tax dispute involving substantial cash deposits and a property sale. The ITAT Hyderabad...
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