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SECTION 148 INCOME TAX NOTICE
Son sells ancestral land for Rs 8 crore, buys 2 more properties; gets income tax notice but wins at ITAT Chandigarh: Know whyA family from Panchkula owned some ancestral land in a village. A member of this family sold his share of the the said land for Rs 8 crore ...- NRI child sending money to parents in India: Why a tax-free gift can still trigger an income-tax noticeParents receiving money from their NRI children in India may enjoy tax exemptions on gifts, but large transactions can attract scrutiny fro...
- Dubai NRI bought Rs 2.31 crore property, didn’t file ITR, got income tax notice; she fights back and wins in ITAT on these groundsMrs Chudamasa’s counsel argued that the AO had erred in treating Rs 2,31,20,000 as investment made during financial year 2017-18. He submit...
- Tax audit deadline extended: Key checks taxpayers should make before filing income tax returnThe CBDT has announced an extension for tax audit and ITR filing deadlines for Assessment Year 2026-27. Taxpayers must now file their retur...
- Medicine shop owner deposits Rs 2.47 crore cash in bank account, gets income tax notice for unexplained cash; wins case in ITAT Delhi for this reasonMr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisation period, he got an unexplained ca...
- Property bought for ₹1.23 crore, its market value rose to ₹1.46 crore: Why ITAT Kolkata gave homebuyer ₹11.35 lakh tax reliefA recent ITAT ruling highlights a crucial tax issue for property buyers: an increase in stamp duty value between the agreement and registra...
- Grain trader deposited Rs 5.2 crore cash in bank, filed ITR declaring Rs 7.65 lakh income, got unexplained deposit income tax notice; won case in ITAT Delhi for this reasonWhen Mr Kumar, a grain trader from Rampur deposited Rs 5.2 crore cash in his bank account and filed an Income Tax Return (ITR) declaring Rs...
- Rs 9.91 lakh income tax refund for senior citizen after proving that he mistakenly paid income tax on tax-free bonds; ITAT Delhi order explainedMr Ajay Kumar Bakaya a senior citizen from Gurgaon faced a significant tax issue when he accidentally overpaid income tax on his tax-free b...
- Brother-in-law caught with Rs 4.34 lakh worth of foreign currency; income tax officer sends notice; he wins case in ITAT Delhi with help from sister-in-lawA brother-in-law got into trouble when he was found with Rs 4.34 lakh in foreign currency. A tax officer sent him a notice about it. But, t...
- My NRI status changed. Will interest earned on my NRE FDs be taxable in India?ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status changed to ‘resident’ from FY2025–...
- 4 Adani group companies settle public shareholding violations case with Sebi. Check detailsAdani Enterprises and three other companies have settled with Sebi over minimum public shareholding violations. The total settlement amount...
- Deadlines for income tax audit and ITR filing extended for AY 2026-2027 to these datesThe Central Government has extended the deadline for filing Income Tax Returns for the Assessment Year 2026-27. Taxpayers subject to audit ...
- Can you save tax by gifting money to your HUF? How Section 99 changes the tax equationMoney or property gifted by a member to an HUF may not be taxable in the HUF’s hands because of the “relative” exemption. But the tax conse...
- Fruit seller deposited large amount of cash in bank, got income tax notice of unexplained income; won case in ITAT Bangalore for this reasonIn Bangalore, Mr. Ramachandrababu found himself facing an income tax notice over unexplained cash deposits in his bank account. However, hi...
- Purchased property below market value, filed no ITR, got income tax notice, paid the tax but asked to pay Rs 70,000 penalty; ITAT Delhi gives full reliefRs 70,000 penalty imposed on man for buying property below market value even though he paid the due tax after getting a notice; ITAT Delhi ...
- US citizen received Rs 30 lakh income tax demand notice in India, was denied India-US DTAA relief due to a mistake: Know how she won at ITAT DelhiRs 30 lakh income tax demand notice and India-US DTAA benefit denied to US citizen; she fights and wins case in ITAT Delhi; Know how
- Tenant received Rs 1.38 crore worth of flats for surrendering tenancy rights for society's redevelopment, he received income tax notice; Know how he won the case in ITAT MumbaiTenant receives Rs 1.38 crore permanent alternate accommodation, gets Section 56(2)(x) tax notice; ITAT Mumbai gives relief; know why. This...
- Supreme Court stays Punjab and Haryana HC judgment in JAO tax notice caseMany individuals and companies had moved various high courts challenging proceedings initiated directly by JAOs. In April, the SC, while he...
- SC to hear Centre’s plea against HC ruling on income tax reassessmentThe Supreme Court will hear a government appeal on Friday. This appeal challenges a High Court judgment striking down Section 147A. This se...
- Indian moves to US for job, forgets to file ITR, Income Tax Dept imposes Rs 8.29 lakh penalty; ITAT Jaipur cancels penalty and gives full reliefIndian employee working in US imposed with Rs 8.29 lakh penalty for missing to file ITR after moving to US; ITAT Jaipur cancels penalty and...
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