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In a recent update, a ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has introduced big-time relief to taxpayers dealing with capital gains tax on property sales. Now this is a case that involves the sale of land costing around ₹5 crore. The tribunal ruled that a Mumbai man did not…
Why did the Income Tax Department send Aishwarya Rai Bachchan a tax notice, what was the assessing officer’s rationale? Well known actor Aishwarya Rai Bachchan has recently won a case against the Income Tax Department – a Rs 4 crore case relating to disallowance of income. On October 22, 2022, Aishwarya Rai Bachchan, declared a…
The Cochin Income Tax Appellate Tribunal’s analysis centres on the taxpayer’s disclosure compliance. (AI image) While filing your income tax return and claiming tax exemptions, it is important to be aware of the limits and applicability. In one such case where the taxpayer was mistaken about the amount of tax exemption available to her for…
The Cochin Income Tax Appellate Tribunal’s analysis centres on the taxpayer’s disclosure compliance. (AI image) While filing your income tax return and claiming tax exemptions, it is important to be aware of the limits and applicability. In one such case where the taxpayer was mistaken about the amount of tax exemption available to her for…
During the assessment, the AO estimated Kumar’s business income under Section 44AD — something completely outside the scope of the original notice. (AI image) Making cash deposits of large amounts in your bank account? Be aware of a case where a cash deposit attracted the attention of the Income Tax Department, and the assessing officer…
Gold jewellery worth Rs 1.65 crore and silver articles weighing 3 kg were seized from the residence of Suresh (name withheld) during an Income Tax Department search in November 2019. The Assessing Officer (AO) added the value to Suresh’s income as unexplained investment under Section 69 of the Income Tax Act, citing discrepancies between invoices,…
