TAXATION


Moneylife Digital Team 09 October 2026
The Goods and Services Tax (GST) Council has recommended removing arrest provisions under the GST law, raising the threshold for criminal prosecution fivefold to ₹5 crore and rationalising prison terms for tax offences, in a series of measures aimed at reducing compliance burdens and making the...

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Moneylife Digital Team 08 October 2026
Ruling that any capital gains arising from a redevelopment transaction would be taxable in the hands of individual members and not the cooperative housing society (CHS/the Society), the income tax appellate tribunal (ITAT) deleted an ₹18.40 crore long-term capital gains (LTCG) addition made...

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Moneylife Digital Team 21 September 2026
Holding that two adjoining flats purchased in different names had subsequently been amalgamated into a single composite residential unit, the Mumbai bench of income tax appellate tribunal (ITAT) upheld tax exemptions totalling ₹28.45 crore claimed by an individual on long-term capital gains...

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Moneylife Digital Team 17 September 2026
Holding that the quantity of jewellery claimed by a taxpayer is reasonable in view of his age, family circumstances, occupation and customary gifts, the Nagpur bench of income tax appellate tribunal (ITAT) deleted a ₹3.86 lakh addition made for jewellery found during a search. The tribunal also...

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Ritu Yadav (Bar  and   Bench) 03 September 2026
The Supreme Court on Wednesday set aside a ₹425.28 crore customs penalty imposed on a diamond trader after finding that the adjudicating officer had relied on non-existent cases, fake citations and legal propositions hallucinated by artificial intelligence (AI) (Vijay Ghanshyam Gadiya v. Union...

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Received an email this week that looks exactly like it has come from the income-tax (I-T) department? The tricolour emblem is there, so is the familiar blue e-filing header, a reference number and a polite request to ‘click here to view your important message’.    Before you do anything else,...

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Moneylife Digital Team 18 August 2026
The income-tax (I-T) department on Tuesday launched a nationwide verification exercise into suspicious foreign remittances after data analysis and ground intelligence flagged entities that had allegedly sent large amounts of foreign exchange abroad despite reporting little or no business...

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Moneylife Digital Team 17 August 2026
After finding that the income tax (I-T) assessing officer (AO) had relied merely on information available on the ITBA portal without verifying the registered sale deed of a jointly purchased property, the Pune bench of income tax appellate tribunal (ITAT) quashed a reassessment proceeding...

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Moneylife Digital Team 22 July 2026
Holding that it is not uncommon in Indian social customs for a bride to receive cash gifts at her marriage and to retain them at home for future household or medical needs, the Mumbai bench of the income tax appellate tribunal (ITAT) has deleted an addition of ₹689,000 made under Section 69A...

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Moneylife Digital Team 22 July 2026
Shares of Indian pharmaceuticals companies came under sharp selling pressure on Wednesday after US president Donald Trump announced a phased tariff regime for imported generic medicines, raising concerns over the long-term prospects of Indian drug-makers that derive a significant share of their...

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Moneylife Digital Team 20 July 2026
The Union government on Monday ruled out any proposal to abolish long-term capital gains (LTCG) tax on equity investments, informing the Lok Sabha that the levy generated more than ₹2.01 lakh crore in revenue over the past two assessment years (AYs). The tax regime for domestic investors and...

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Moneylife Digital Team 24 June 2026
In a significant ruling for salaried taxpayers, the Mumbai bench of the income tax appellate tribunal (ITAT) has held that an employee cannot be denied tax deducted at source (TDS) credit merely because the employer deducted tax from salary but failed to deposit it with the government. The...

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Moneylife Digital Team 18 June 2026
In a significant ruling for cooperative societies, the Visakhapatnam bench of income-tax appellate tribunal (ITAT) has observed that interest paid or payable by a cooperative society to its members is exempt from tax deduction at source (TDS) under Section 194A(3)(v) of the Income Tax Act,...

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SN Thyagarajan (Bar  and   Bench) 15 June 2026
The Madras High Court has sought the response of the Union government and Income Tax Department on a plea challenging retrospective amendments made to the Income Tax Act, 1961 through the Finance Act, 2026 (Revenue Bar Association Vs Union of India).   A Bench of Chief Justice SA Dharmadikari...

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Moneylife Digital Team 12 June 2026
In a significant relief to hospitality technology firm OYO Hotels and Homes Pvt Ltd (OYO), the Delhi bench of the income tax appellate tribunal (ITAT) has deleted a tax addition of ₹3,885.51 crore made under the Income Tax Act's angel tax provisions in relation to share premium received from...

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Moneylife Digital Team 08 June 2026
While setting aside an assessment order that treated cash deposits of ₹1.28 crore in a scrap trader's bank account as unexplained money, the Pune bench of the income tax appellate tribunal (ITAT) has held that the tax department could not ignore its own approach in earlier and subsequent years...

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SN Thyagarajan (Bar  and   Bench) 05 June 2026
The Madras High Court on June 2 upheld tax demands against Vedanta Limited, successor-in-interest to Cairn India Limited, over payments made to its non-resident parent company in connection with oil exploration operations (Vedanta Vs ACIT).   A Division Bench of Justices G Jayachandran and R...

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Moneylife Digital Team 03 June 2026
The US trade representative (USTR) has proposed imposing additional duties of up to 12.5% on imports from India and dozens of other economies after concluding that they have failed to adequately prohibit or enforce restrictions on goods produced using forced labour.   The move comes even as...

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Moneylife Digital Team 20 May 2026
The administration of Donald Trump has come under sharp criticism after the US department of justice (DoJ) issued a directive permanently barring tax authorities from pursuing audits or tax claims against the president, his family and his businesses.   The move emerged through a one-page...

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Moneylife Digital Team 13 May 2026
The Indian government on Wednesday increased the effective import duty on gold and silver to 15% from 6% in a major move aimed at curbing precious metal imports and protecting India’s foreign exchange (forex) reserves, amid the ongoing West Asia crisis.   The Union ministry of finance,...

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