ITAT
Centre to invest additional Rs 1,000 cr in inland waterways projects in Assam, Northeast in 2026: Union Minister
Union Minister Sarbananda Sonowal assessed Assam and Northeast projects. The goal is to complete Rs 1,000 crore worth of projects by 2026. Focus is on waterways infrastructure development. This includes projects on Brahmaputra and Barak rivers. The aim is to improve connectivity and promote economic growth. Initiatives also include skill development for the youth.
90 crore tax deduction approved! Delhi HC allows 54F income tax deduction for buying multiple floors! Here's what it means for you
In a decision bringing clarity to Section 54F deductions under the Income Tax Act, the Delhi High Court has clarified that owning multiple floors in the same building is not equivalent to owning multiple residential properties. This ruling allows homeowners to claim long-term capital gains exemptions when investing sale proceeds into a new residential house, even if they own multiple floors in their existing single residence.
Husband wife duo wins Rs 1.3 crore long term capital gains tax exemption case under Section 54 despite selling two houses to buy a joint property; ITAT Mumbai case
The ITAT Mumbai ruled that a wife is eligible for a Rs 1.3 crore Section 54 LTCG tax exemption on a property sale, even though the new property was jointly purchased with her husband. This decision came after the tax department initially rejected her claim. However ITAT Mumbai said this is subject to the condition that the AO verifies her claim and makes sure there is no double claim.
Income tax on gifted property: NRI step-brother to pay zero income tax on Rs 7.5 crore property
The ITAT Mumbai ruled that a gift from a stepsister to her stepbrother is exempt from income tax, overturning the tax department's addition of Rs 7.88 crore (Rs 7.5 crore property+38 lakh stamp duty) to the stepbrother's ITR. The tribunal considered stepsiblings as relatives based on affinity and common sense. This decision provides clarity on tax implications for gifts within step-families. Read below to know more.
NRI Talk: Why NRIs in Dubai and Singapore pay zero tax on mutual fund gains, Nitin Aggarwal explains
India is one of the most preferred markets for the long-term investments for NRIs. Several clients have increased exposure to India in recent years as there is no country other than India with strong and stable economic growth prospects.
Taxman invokes benami law to get data from payment gateways
The Income-Tax Department is scrutinizing payment gateway companies, demanding details on UPI transactions to uncover potential benami deals. Authorities suspect shell companies are using PGs to move illicit funds, masking true beneficiaries and evading taxes. This investigation leverages the Benami Transactions (Prohibition) Act to identify discrepancies and potential KYC lapses.
₹2.6 crore flat and zero tax: How a Mumbai man won twice in court
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has declared that a Mumbai resident will not be taxed on a ₹2.6 crore flat received as compensation for vacating land he allegedly occupied illegally. The ITAT classified the flat as a non-taxable ‘capital receipt,’ overturning the tax officer's initial assessment and providing a major financial relief to the resident.
Big relief for flat owners: No income tax payable if you get a new flat in exchange for old, rules Mumbai ITAT
A recent Mumbai ITAT ruling offers relief to homeowners in redevelopment projects. The tribunal held that receiving a new flat in exchange for an old one is not taxable under Section 56 of the Income Tax Act. This exchange should merely be considered an extinguishment of rights and not a gift, which would otherwise be taxable.
Plan to become an NRI to save tax? You may still come under tax scanner
A recent ruling providing tax relief to NRIs on MF capital gains has taxpayers mulling a move abroad, but the tax authorities are watching for any misuse of law.
Explained: Will NRIs be liable for capital gains tax on mutual fund sales in India?
The case involved A Shah, a Singapore tax resident, who declared capital gains of Rs 88.75 lakh from debt mutual funds and Rs 46.91 lakh from equity mutual funds for the financial year 2021–22.
LTCG tax computation on sale of house property: How this ITAT order favouring a taxpayer will change the way capital gains is calculated
The income tax dept imposed Rs 1.42 crore short term capital gains (STCG) on house that was sold in FY 2009-10. This flat was alloted on October 7, 2005 and was registered in FY 2015-16 by the builder. This is why tax dept. rejected the Section 54 capital gains tax exemption on this property sale & imposed STCG. Read below to know how this case was won.
Cap gains of NRIs on mutual fund units can’t be taxed in India: ITAT
The Mumbai ITAT ruled that an NRI from Singapore is not liable to pay tax in India on ₹1.35 crore short-term capital gains from mutual fund redemptions, under the India-Singapore tax treaty. The tribunal clarified that mutual fund units aren't shares and fall under the treaty's 'residual clause', making gains taxable only in the investor’s country of residence.
A typo triggers a Rs 40 cr tax demand and four-year ordeal
In autumn 2021, Monica Capoor, a retired teacher in Gurgaon, received a notice from the I-T department claiming she profited ₹279 crore from stocks due to her CA's error. Despite her efforts to correct it, the demand stood until 2025 when the ITAT finally ruled in her favor, acknowledging it as a clerical mistake.
NRIs getting income tax notices for claiming lower tax rate benefit under DTAA; Know how to resolve this situation
NRI taxation: Many non-resident Indians (NRIs) are receiving Income Tax notice under Section 143 (1) (a) of the Income Tax Act, 1961 because they have claimed a beneficial tax rate (lower or nil rate of tax) under Double Taxation Avoidance Agreement (DTAA) without filing Form 10F. Read below to know how can NRIs save themselves from this notice and what to do to close this tax notice.
Income tax tribunal ruling clarifies capital gains tax liability for property owners
The ITAT decided that merely having one's name on a property title does not automatically mean ownership if there is clear evidence indicating otherwise. This ruling will benefit taxpayers in similar situations, preventing unjust capital gains tax on individuals who are not the beneficial owners of the property.
NRI status and tax: Job search abroad part of non-resident stay, rules Mumbai ITAT
The Income-tax Appellate Tribunal in Mumbai ruled that days spent abroad for job searching count towards non-resident status if time in India is less than 182 days. This decision favors M Gulati, whose overseas income of Rs 1.2 crore was initially taxed. The ITAT clarified rules for non-resident tax status, providing clarity for individuals seeking employment abroad.
Shah Rukh Khan wins big in ITAT ruling: Understanding foreign tax credit rule
Bollywood superstar Shah Rukh Khan won a significant legal battle as the Income Tax Appellate Tribunal (ITAT) ruled in his favor, overturning the tax authorities' reassessment for the 2011-12 financial year. The reassessment was initiated after the tax officer denied his claim for foreign tax credit on income earned in the UK, recalculating his income as Rs 84.17 crore instead of the declared Rs 83.42 crore. The reassessment was done beyond the four-year statutory period.
Supreme Court questions Delhi HC order on sending Congress back to ITAT
The development took place during the resumed hearing of a plea filed by Congress against a Delhi High Court order refusing to interfere with the order of Income Tax Appellate Tribunal (ITAT). However, the HC had permitted Congress to move a fresh application for stay before ITAT.
ITAT Bar Association opposes move to make the tribunal faceless
Federation of ITAT Bar Associations (Federation), an umbrella association of Income Tax Appellate Tribunal Bar Associations of the country has objected to the finance bill’s proposal to make the Income Tax Appellate Tribunal adopt a ‘faceless’ mode while conducting proceedings to review appeals on tax assessments.
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