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UNEXPLAINED MONEY
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...
- Paid tax on black money? 7 reasons you can still lose it all
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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 ...
- Investors in penny stocks may get court relief to reduce tax burden if trades proved genuineThe income tax department views the sale of proceeds of such shares as “unexplained cash credit” or “unexplained money” subjecting it to a ...
- 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...
- 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...
- Money launderers may have to prove innocenceTax evaders should now get ready to face the music. The government is considering bringing in stringent provisions to curb tax evasion thro...
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