INCOME TAX APPELLATE TRIBUNAL
She sold her house for Rs 2.7 crore to buy seven new flats and paid no income tax, wins case in ITAT Delhi; Know how
Saroj sold her Punjabi Bagh house for Rs 2.7 crore. She then bought seven apartments in Greater Noida. She reported Rs 5 lakh income in ITR and claimed Rs 2.2 crore LTCG tax exemption. The tax department partially denied the exemption. Then Saroj appealed to ITAT Delhi. ITAT Delhi ruled in her favor.
If you don’t make these 8 disclosures, your ITR may be treated as defective
Filing income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures include foreign assets, income, crypto transactions, and unlisted equity shares. Failing to report these details, especially for residents with overseas holdings, can result in penalties and even imprisonment, though some relief exists for movable assets under Rs 20 lakh.
Father sells house worth Rs 67 lakh and shows only Rs 1,690 income in ITR, wins case in ITAT Ahmedabad; Know how
Dilip, an Indian taxpayer, won a case at the ITAT Ahmedabad regarding a Section 54 LTCG tax exemption. Despite initially facing scrutiny for claiming Rs 15.99 lakh as indexed cost of improvement with cash payments and selling his house below stamp duty value, the ITAT directed the tax officer to verify and allow his claim. Read more.
How to file ITR if you have sold house or land in FY 2024-25
For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Choosing the correct ITR form, like ITR-2 or ITR-3, is crucial. Depositing unutilized gains in the CGAS before filing the ITR is essential to avoid taxation. Taxpayers must report sale details and claim exemptions accurately in Schedule CG.
Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you
While it is true that you may not have any tax dues, that alone does not mean you can skip filing your return. Filing ITR is not just about paying taxes-it is also about reporting your income formally to the government, complying with certain rules, and enjoying several benefits that come along with it.
GST reforms transformative, will ensure tax certainty: CBIC chief
CBIC Chairman Sanjay Kumar Agarwal announced transformative GST reforms aimed at providing tax certainty and stability for investors. While initial revenue may be slow, the reforms are expected to boost consumption and growth. The focus will shift to tackling tax evasion and enhancing the system, with the GST Appellate Tribunal expected to be operational by December.
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Extend income tax audit deadline due to ITR portal glitch, enhanced reporting needs: BCAS
The Bombay Chartered Accountants' Society (BCAS) has urged for extensions to income tax deadlines, citing persistent glitches on the e-filing portal. BCAS, along with other associations, highlighted challenges like delayed utility releases, technical bottlenecks, and overlapping deadlines. They propose extending deadlines for tax audit reports and ITR filings to alleviate taxpayer burden and ensure compliance quality.
GST Council clears process reforms for taxpayers
The GST Council has approved structural and process reforms for small taxpayers, including auto refunds and prefilled returns by October. A simplified registration mechanism for e-commerce suppliers, operational GST Appellate Tribunal by October, and backlog appeal limitations until June 30, 2026, were also approved.
GST Council decisions to spur tech exports, enhance ease of biz: Nasscom
Nasscom welcomed GST Council’s September 3, 2025 decisions, calling them a boost for IT services and ecommerce. Measures include easing compliance, restoring export status for intermediary services, simplified MSME registration, clarity on discounts and delivery services, among others.
SC mulls panel to oversee co-developer for Supertech Realtors projects
The Supreme Court is considering forming a committee to oversee the bidding and selection of a co-developer for Supertech Realtors' stalled Supernova project in Noida. This move aims to protect homebuyers' interests amidst insolvency proceedings. The court has asked for suggestions from stakeholders and has restrained the Interim Resolution Professional from finalizing any decisions, emphasizing transparency in the process.
U-Turn! Jane Street now moves SAT against Sebi
Jane Street has appealed to the Securities Appellate Tribunal (SAT) against Sebi, alleging denial of crucial documents used to indict it for derivatives market manipulation. The firm claims Sebi withheld correspondence clearing them earlier, violating natural justice principles. Jane Street seeks document disclosure to defend itself, questioning Sebi's shift in stance and transparency.
GST Council okays fast registration for non-risky businesses, seven-day refund window
The GST Council is likely to approve reforms aimed at easing compliance for small businesses, including faster registration and refunds. Amendments to the place of supply definition will benefit Global Capacity Centres and ITES, while rate rationalization discussions continue. The council also addressed post-sales discounts and appellate tribunal issues, focusing on reducing litigation and supporting small taxpayers and exporters.
Delayed possession: Builder ordered to pay Rs 26 lakh interest compensation to homebuyer for 8-year delay in delivering Rs 32 lakh apartment
The Walavalkar family finally secured justice after an eight-year delay in apartment possession. MahaREAT ordered the builder to pay Rs 26.83 lakh as interest compensation. The tribunal denied the builder Covid-19 moratorium benefits. This ruling ensures homebuyers receive rightful compensation for project delays. The builder must also hand over the apartment with an occupation certificate.
US trading firm Jane Street files case against Sebi
Jane Street is challenging SEBI in court, alleging the regulator withheld crucial documents related to market manipulation accusations. This follows SEBI's earlier ban on Jane Street for allegedly profiting from derivatives trading, a ban temporarily lifted after the firm deposited alleged unlawful gains. The core dispute centers on whether Jane Street's trading activities constituted legitimate hedging or manipulative practices.
From Rs 21,350 tax demand to zero tax; How a taxpayer won Section 87A case in ITAT Bengaluru
In a taxpayer-friendly ruling, the ITAT Bengaluru allowed Mr. Jakkaraju's Section 87A tax rebate claim, even though it was filed in a revised ITR. The tribunal emphasized that the initial failure to claim the rebate constituted a valid reason for revision. This decision aligns with a Bombay High Court ruling, ensuring taxpayers can rectify omissions and avail of entitled benefits.
How to pay zero or lower income tax on your residential property sale using Sections 54 and 54F
Indian income tax laws offer exemptions on long-term capital gains (LTCG) from selling residential property and land. Sections 54 and 54F of the Income Tax Act allow individuals and HUFs to avoid LTCG tax by reinvesting the gains into a new residential property, subject to specific conditions and timelines for purchase or construction.
I am an NRI. How can I take money out of India after selling inherited property and shares with minimum taxes?
I am an NRI with inherited property and shares in India. What are the best ways to repatriate funds without triggering high taxes or violating Foreign Exchange Management ACT (FEMA) rules?
Bankruptcy-bound Supertech gives possession of 6k flats in last 3 years; 15k buyers still stuck
Despite facing insolvency proceedings, Supertech Ltd has delivered 6,121 apartments across 16 projects in the last three years. The company aims to deliver 1,000 more flats in the next three months. Supertech and Apex Heights have jointly submitted a resolution plan to the Supreme Court, with Apex Heights planning to invest ₹500 crore to complete the projects.
Husband has to pay income tax for wife’s Rs 17-crore land sale deal due to this reason; ITAT Bangalore ruling explained
In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore held that a wife is exempt from income tax on the ₹17.26 crore sale of land gifted by her husband. The ITAT cited Section 64(1)(iv) of the Income Tax Act, stating that income from assets gifted between spouses is taxable in the hands of the transferor, not the recipient.
Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations
The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.
Delhi HC seeks Zee’s reply on Aditya Birla Finance plea in ₹134-cr loan dispute
The Delhi High Court is reviewing a dispute between Aditya Birla Finance (ABFL) and Zee Entertainment over a Rs 134 crore loan to Siti Network. ABFL challenges an arbitral tribunal's decision dismissing its claims against Zee, while Zee contests the tribunal's order regarding the withdrawal of Rs 23.8 crore by Siti's resolution professional.
GSTN has done this change in GST portal for hassle free tax refund claims
New GSTN Advisory: The GSTN has enhanced the GST portal, effective August 28, 2025, to streamline GST refund claims. Taxpayers can now claim refunds even with positive or zero cumulative balances, provided a minor head shows a negative balance. This change addresses previous restrictions, unlocking capital for businesses and simplifying the refund process. Read more.
Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say
The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.
No income tax for lady who sold land for Rs 4.5 crore; Know how a 1955 circular and established case laws saved the day for her
Seema S sold property in Patna. She incorrectly claimed Section 54 for LTCG tax exemption. The tax officer rejected her claim. Seema appealed to ITAT Patna. Her lawyer argued about the assessing officer taking advantage of her ignorance. ITAT ruled in Seema's favor. The case was sent back to AO to allow claim for Section 54F. Read more.
Father receives Rs 4 lakh as cash gift in son’s marriage and wins income tax case of unexplained income; ITAT Ahmedabad ruling explained
Manubhai faced tax issues over cash gifts received before his son's wedding. The tax department alleged undisclosed income. Manubhai contested, providing guest lists and wedding details. Initially, his appeals were rejected. However, ITAT Ahmedabad ruled in his favor. They noted the assessing officer (AO) did not adequately investigate his evidence. The tribunal allowed his appeal, providing relief.
Salman Khan moves NCLAT, seeks insolvency against Jerai Fitness
Bollywood actor Salman Khan is taking Jerai Fitness to NCLAT. This follows a dismissed plea regarding unpaid dues of Rs 7.24 crore. The dispute involves Khan's fitness brand, BEING STRONG. NCLAT will hear Khan's appeal on September 15, 2025. NCLT had earlier stated the claim was disputed. Jerai Fitness had a license to use the BEING STRONG trademark.
Taxpayer to pay only Rs 33,000 income tax after selling a house for Rs 70 lakh; ITAT Mumbai ruling explained
A taxpayer successfully challenged the income tax department's LTCG calculation, winning in ITAT Mumbai. The tribunal ruled that indexation benefits should be calculated from the agreement date, not possession date, due to substantial payment made earlier. This decision significantly impacts LTCG tax for property sellers. Read below to know the details.
After STCG ruling, now LTCG also allowed to get Section 87A tax rebate, rules ITAT Chennai
On August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with incomes under Rs 7 lakh. The ruling references a Bombay High Court decision. Venkatraman, a taxpayer, initially faced denial of the rebate. ITAT Ahmedabad also allowed the rebate on STCG income on August 12, 2025.
Personal income tax collection overtakes corporate tax: Report
India's personal income tax collections have surpassed corporate taxes for the first time, marking a significant shift driven by formalisation, digitisation, and improved compliance. The surge in individual income tax returns, TDS collections, and advance tax payments, coupled with GST implementation, has bolstered direct tax compliance.
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