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UNEXPLAINED INCOME CASE
Scanning cancer, up close & personal: A revolution is underway in cancer diagnosisA gene-based test called next-generation sequencing can identify precise mutations, which can then be treated with targeted therapies. Sinc...- The accounting trick used by companies to make a weak balance sheet look strongIn one recent case, a large investment sat comfortably under equity until the auditor read the shareholders' agreement, found a buyback cla...
- 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...
- 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...
- 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 ...
- 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...
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reasonA US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account d...
- 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...
- Sunetra Pawar gets relief as ITAT scraps Rs 32.14 crore tax addition against Ajit Pawar, calls evidence linking ‘DD’ to leader insufficientThe Income Tax Appellate Tribunal has cancelled tax proceedings against Sunetra Ajit Pawar. A Rs 32.14 crore addition treated as unexplaine...
- 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...
- Deposited Rs 80 lakh cash during demonetisation: ITAT rejects property purchase claim, calls it unexplained incomeA Surat businessman's Rs 80 lakh cash deposit during demonetisation was deemed unexplained by ITAT Surat. The tribunal rejected his claim o...
- Self-reporting of unexplained income in ITR to save 50%: A permanent Voluntary Disclosure of Income Scheme (VDIS) in Budget 2026?Budget 2026 reshapes taxation of unexplained income. Self-reporting undisclosed income now attracts a 30% tax rate. This is a significant r...
- 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...
- Good news: Immunity from penalty or prosecution in income tax under-reporting cases has been expanded in these cases: Budget 2026 announcementSection 440 of the new Income Tax Act, 2025, is being amended to extend immunity from penalties and prosecution to cases involving income m...
- 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...
- Taxpayer fights and gets big relief against Rs 2.28 crore income tax notice; ITAT Ahmedabad reduced it to only Rs 63,000A person faced a Rs 2.28 crore tax notice for unexplained income. After filing an ITR declaring Rs 3.83 lakh, the tax department added the ...
- Taxpayer with unexplained investment gets part relief in ITAT Delhi due to his socio-economic status, know what it meansOn September 2, 2025, ITAT Delhi granted partial relief to taxpayer Husain, reducing his unexplained investments from Rs 7.82 lakh to Rs 1....
- 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...
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