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The Latest Breaking News from ITAT

Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAA

The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA).

The Economic Times

Husband trades through wife’s demat account, incurs Rs 1.95 crore loss; tax dept sends notice over clubbing of income, ITAT Lucknow grants him relief

A husband's attempt to offset substantial stock market losses against his income was initially rejected by tax authorities. Despite trading using his wife's demat account and gifting her Rs 1.15 crore, the tax department argued the Rs 1.95 crore loss, including Rs 80 lakh from her own funds, was hers…

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

The Economic Times

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Income Tax department labels her stock market trader, denies investor status; she fights and wins Rs 54 crore capital loss claim at ITAT

Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term capital loss as a business loss. The ITAT Chennai ruled she is an investor, not a trader, allowing the loss to be treated as a capital loss. This decision was supported by a 2016 CBDT circular…

The Economic Times

Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rules

A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her favor, accepting her explanation for cash deposits from a property sale and sale of household items. The tribunal noted individual transactions for household items were below the Rs…

The Economic Times

Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration

Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long-term capital gains from unlisted shares. The ITAT Delhi ruled that depositing unutilized funds in the Capital Gains Account Scheme was unnecessary as the property was purchased before filing the ITR. The tribunal also…

The Economic Times

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 Mumbai

An 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 money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of…

The Economic Times

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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 Chennai

A 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 a new one from her son-in-law. The ITAT Chennai ruled in her favor, upholding the validity of registered documents and bank transactions, and deleting additions made…

The Economic Times

Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced

Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s…

The Economic Times

Supreme Court notice to Centre on plea highlighting vacant posts in Income Tax Appellate Tribunal

The Supreme Court on Tuesday has asked the Centre to fill vacant posts across the Income Tax Appellate Tribunal. A bench directed High Courts to send judicial officers on deputation as a temporary measure. The court expressed surprise over the long-standing vacancies. This action follows a Public Interest Litigation filed…

The Economic Times

Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds…

The Economic Times

Gave up tenancy, got new flat in redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

A Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Income Tax Appellate Tribunal ruled in his favour. The tribunal stated that the surrender of tenancy rights, the taxable event, had not occurred in the year under…

The Economic Times

Gave up tenancy, got new flat redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

The Economic Times

Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark ruling

Aishwarya Bachchan won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. The tax department denied this. ITAT ruled in her favour, allowing the deduction. The tribunal cited consistency in accepting similar claims and sufficient proof of…

The Economic Times

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Newslaundry

I-T dept cracked down on non-profits with a law that didn’t apply. Tribunals kept saying no

Imagine being fined for jumping a red light – on a road where the traffic light was installed only after you drove past. That, in essence, is what India’s Income Tax Department has been doing to dozens of non-profit organisations across the country.

The Hindu

Delhi HC agrees to hear Congress’s plea against tax re-assessment proceedings

Delhi High Court lists Congress petition against tax re-assessment for hearing, party faces pressure with bank accounts frozen.

Dynamite News

"...Anndataon ka apmaan has been the strategy of PM Modi": Jairam Ramesh

Congress General Secretary in-charge Communications, Jairam Ramesh on Thursday slammed the Bharatiya Janata Party (BJP) and said that ''Chanda dataon ka samman aur anndataon ka apmaan', has been the strategy of PM Modi. Read further on Dynamite News.

The Hindu

Delhi HC upholds ITAT order in ₹100-crore tax demand case involving Congress party

Delhi High Court upholds ITAT order refusing to stay ₹100 crore tax notice issued to Congress party.

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Dynamite News

Congress moves Delhi HC seeking stay on IT recovery proceedings

The Indian National Congress (INC) on Monday moved the Delhi High Court seeking a stay on the Income Tax notice for recovery of more than Rs 105 crore as outstanding tax. Read further on Dynamite News:

The Hindu

Delhi HC to hear Congress’ plea in tax recovery case on March 12

Tax penalty case: Congress has earlier said the I-T tribunal order freezing its funds was “an attack on democracy” as it had come ahead of the Lok Sabha elections.

Dynamite News

Tribunal reserves order on Congress plea seeking stay against IT recovery proceedings, freezing bank accounts

ITAT on Thursday reserved its order on a plea by the Congress party, which has sought a stay against Income Tax Department proceedings of recovery and freezing of their bank accounts. Read further on Dynamite News:

The Hindu

Freezing of Congress accounts by Income Tax department ‘routine procedure’, sources say

The Income Tax department’s action, freezing the Congress’ main bank accounts, was part of its “routine procedure” against defaulters, carried out in connection to claims for the tax assessment year 2018-19, according to sources

The Hindu

I-T department freezes Congress bank accounts over 2018-19 returns; appellate tribunal provides partial relief

Income Tax department freezes bank accounts of Indian National Congress and Indian Youth Congress due to delayed tax filing.

The Times of India

Cricket bodies run on business lines, not for education: Supreme Court

NEW DELHI: Holding that cricket associations are run on business lines, the Supreme Court said that the activities of sports bodies, including the Board of Control for Cricket in India (BCCI), cannot fall within the meaning of ‘education’ to claim tax exemption as they spend insignificant amounts of money on…

The Hindu

Madras HC orders notices to Jayalalithaa’s nephew and niece in connection with her income tax and wealth tax liabilities

Issue relates to expenditure of over ₹50 lakh to decorate her foster son V.N. Sudhakaran’s marriage venue, valuation of her jewellery and so on

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