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UNEXPLAINED CASH DEPOSITS
Landlord deposited Rs 14.96 lakh cash during demonetisation, got tax notice: ITAT Bangalore grants reliefLandlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalor...- Rs 25 lakh cash deposited in bank, income tax officer sends notice for unexplained cash u/s 69; Taxpayer wins case in ITAT Bangalore, here's whyEmployee deposits Rs 25 lakh cash in bank; tax officer sends notice for unexplained cash u/s 69; Employee wins case in ITAT Bangalore; Know...
- Rs 41 lakh cash deposit but no ITR: Bengaluru man claimed his wife and father paid his expenses; ITAT Bangalore refuses relief on this groundWaseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgement refused to condone a delay of ab...
- Rs 16 lakh cash seized in income tax raid, tax officer calls it unexplained cash; Taxpayer claims it to be family money, he fights and wins the case in ITAT MumbaiDuring an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and cal...
- Round-tripping: How a company hands itself money and calls it your investment – fooling investors and regulators alikeShare capital looks like one of the simplest numbers on a balance sheet. A company issues a certain number of shares, investors pay for the...
- Plant 500 trees and explain Rs 11.22 crore additional income: A rare direction from ITAT Chandigarh asks taxpayer with Rs 1.79 lakh income shown in ITRThis Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer found large cash deposits, unsecured l...
- NRI used NRE account to buy Rs 79 lakh property, got ‘unexplained cash’ tax notice; ITAT Ahmedabad grants full reliefNRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice for unexplained cash; he wins case ...
- CAG flags Rs 25,085 crore tax effect from 1,902 assessment lapsesThe CAG identified 1,902 tax lapses involving over twenty-five thousand crore rupees. These cases involved incorrect tax rates and faulty i...
- Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains whyRetired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as ta...
- Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know whyProperty buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in...
- Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no reliefDubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Sche...
- Son becomes NRI, gifts shares worth Rs 30 lakh to father; should this be disclosed in ITR? What taxpayers must do to avoid tax noticesNRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in ITR? Although a genuine gift of sha...
- How to strengthen Indian rupee without a rate hikeThe Indian Rupee has depreciated significantly against the US Dollar since early 2025. Measures were introduced to boost capital inflows an...
- Ram temple donation probe finds accused built houses, bought SUVs on modest salariesInvestigators uncover a significant financial discrepancy at the Ram Temple in Ayodhya, with accused individuals showing assets far exceedi...
- Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rulesA woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her fa...
- Paid tax on black money? 7 reasons you can still lose it all
- Petrol pump owner declares Rs 37 lakh income in ITR, gets tax notice for Rs 14 lakh unexplained cash deposit, wins case in ITAT BangaloreA petrol pump owner declared Rs 37 lakh income on Rs 37 crore turnover. He received a tax notice for Rs 14 lakh cash deposit. The ITAT Bang...
- Taxpayers with unexplained cash deposits can still 'come clean' by March 31, 2018, says I-T deptIn its advertisement, I-T department has pointed out that taxpayers have time till 31.3.2018 to file belated or revised returns for the FY ...
- Taxman may invoke Benami Act for unexplained credits, investmentsTax experts, however, said even now a distinction between unexplained tax credits, where higher tax is applicable, and a benami transaction...
- Rs 6,000 crore and counting: Windfall from tax on stashed cash after note banTax authorities sought explanation from individuals, who deposited substantial amount of cash after demonetisation of Rs 500 and Rs 1,000 n...
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