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UNEXPLAINED CREDITS
Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT MumbaiAn NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this mon...- Paying tax won't legitimise cash stashesThe taxman is tightening its grip on undeclared cash, with a recent tribunal ruling allowing the benami wing of the Income Tax department t...
- Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT ChennaiA Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, including Rs 2.5 lakh in cash, and buying ...
- CBDT tells tax officers to tighten scrutiny of unexplained income, assetsThe Central Board of Direct Taxes has directed tax officers to be more careful and consistent when using rules against hidden income and as...
- Employee wins Rs 50,000 compensation from EPFO for 10-year delay in processing EPF transfer claimThe Chandigarh Consumer Commission ruled that the EPFO cannot use software issues as an excuse for a decade-long delay in transferring an e...
- How managements hide debt, losses, and disputes without breaking a single accounting rule – and take investors for a rideA listed company rarely operates alone. Behind it can sit a web of subsidiaries, step-down entities, associates, overseas arms, and special...
- Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanationA Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the cash as gifts from his wife, father...
- Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rulesWhether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift...
- Pay reduced tax at 39% rate on unexplained income compared to 78% earlier, with close eye on penalty, Budget 2026 announcement?Budget 2026 brings a major tax relief for unexplained income. The tax rate has been slashed to 39 percent from the earlier 78 percent. This...
- Coming clean may be less taxing: Taxpayers could get away with paying significantly less on unexplained local incomeA close reading of the budget documents shows that a person can slip away by proactively paying a significantly lower amount on unexplained...
- Rs 7 crore held as unexplained cash credit; man fights and wins case in ITAT Mumbai as it rules loose papers, chats can’t be treated as evidenceThe Income Tax Appellate Tribunal in Mumbai has ruled in favour of Mr. Nilawar. The tribunal cleared him of unexplained cash credit charges...
- Rs 1.91 crore ‘unexplained cash’: HC grants relief to taxpayer despite ITR lapse by cash giverThe Patna High Court has provided relief to a taxpayer in a significant unexplained cash case. The court overturned an ITAT order concernin...
- Income Tax notice for credit card spending: The red-flag transactions you must avoidUsing credit card for 'money rotation' to earn rewards can result in tax notice if no proper explanation is given. This practice, where mon...
- Tax tribunal rules in favour of actor who got Rs 30 lakh gift from fatherKushal Tandon, a popular Bollywood actor, filed an appeal with the Income Tax Appellate Tribunal. The appeal was over several disputed tax ...
- MNC units, Indian firms get tax notices for receiving FDII-T officials red-flag premiums paid by investors, claiming they are unexplained credits.
- M&A deals with capital infusion, share transfer in last 2 years under I-T lensThe move could lead to a slew of litigations and has impacted several ongoing deals as buyers want to protect themselves against future tax...
- need2know: 10 macro triggers that market would watch todayThe govt will bring in a law to penalise power distribution cos in the event of "gratuitous load-shedding.
- 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...
- Amended I-T law harsh, prone to misuse by taxmen: ExpertsI-T dept may question your income and expenditure details and tax you at a higher rate if you fail to offer a “satisfactory explanation” to...
- Inbound M&A deals on I-T department's radar; total tax demand may exceed Rs 4,000 croreThe 40 Indian companies that got the tax demand include Credit Suisse, Godrej Properties, Kohinoor Infrastructure and Carat Media, accordin...
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