TAXATION


Moneylife Digital Team 16 June 2025
In a major blow to noted Chennai-based restaurateur M Mahadevan, the Chennai bench of the income tax appellate tribunal (ITAT) has ruled that the entrepreneur engaged in a 'colourable device' to avoid taxes on long-term capital gains (LTCG) amounting to Rs2.94 crore. Simultaneously, the...

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Moneylife Digital Team 05 June 2025
The Mumbai bench of the income-tax appellate tribunal (ITAT) has delivered a significant ruling in favour of Percival Joseph Pereira, a non-resident senior citizen and overseas citizen of India (OCI) residing in Australia, by deleting a tax demand of Rs65.57 crore and a penalty of Rs20.10 crore...

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SN Thyagarajan (Bar  and   Bench) 02 June 2025
The Allahabad High Court on May 29 dismissed Patanjali Ayurved Ltd's challenge to a 273.5-crore Goods and Service Tax (GST) penalty.    The Bench comprising Justices Shekhar B Saraf and Vipin Chandra Dixit rejected Patanjali's argument that such penalties constitute criminal liability and can...

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Moneylife Digital Team 29 May 2025
In a major legal blow to US president Donald Trump, a federal court has struck down his controversial 'liberation day' import tariffs, ruling that he exceeded the powers granted to him under federal law. The ruling from the US Court of International Trade in Manhattan held that president...

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Moneylife Digital Team 27 May 2025
The central board of direct taxes (CBDT) has extended the due date for filing income-tax returns (ITRs) for assessment year (AY)25–26. The original deadline of 31 July 2025 has now been pushed to 15 September 2025, the board says in a release.   It says, "This extension will provide more time...

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Last week, US president Donald Trump fired a salvo against Apple’s Tim Cook—demanding that iPhones be made in America, not India. This marks a fresh escalation in his 'America First' crusade. The outburst, laced with characteristic bluster, came despite Mr Cook’s earlier pledge of US$500bn...

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Sponsored Post 21 May 2025
Filing an income tax return can feel intimidating, especially for those who are new to the process or worried about missing deadlines. However, understanding the steps, forms, and calculations involved can make it much easier. This guide breaks down income tax filing in India, explains the...

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Moneylife Digital Team 19 May 2025
In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) upheld the legitimacy of cash deposits made by Aries Agro Ltd during the demonetisation period, dismissing the tax department’s appeal against the company. The tribunal found that the deposits were backed by...

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Chandramouli Mohan 16 May 2025
The Hidden Cost of Falling Short Imagine this: You’re juggling bills, groceries and school fees and one month you dip below your bank’s minimum balance requirement. Next thing you know, your bank slaps you with a penalty. Annoying, right? But wait—there’s more! On top of this penalty, you’re...

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Moneylife Digital Team 12 May 2025
In a significant development signalling a potential thaw in strained trade relations, US and China have signed a deal to roll back recently imposed tariffs for a 90-day period, beginning 14 May 2025. The announcement, made in Geneva following high-level trade talks, marks the first direct...

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In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) has dismissed the appeals filed by journalist Rana Ayyub Shaikh and upheld the addition of over Rs1.23 crore under section 56(2)(x) of the Income Tax (I-T) Act, citing that the donations collected via...

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Matthew Kish (The Oregonian/OregonLive) 08 May 2025
This article was produced by ProPublica in partnership with The Oregonian/OregonLive.   In May 2015, President Barack Obama gave a big speech about dropping trade barriers with other nations. He delivered it on a sunny day at Nike’s world headquarters in Oregon.   “Sometimes when we talk...

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Moneylife Digital Team 02 May 2025
India’s goods and services tax (GST) collections surged to an all-time high of Rs2.37 lakh crore in April 2025, marking a 12.6% year-on-year (yoy) increase from Rs2.10 lakh crore in April 2024, official data revealed.   This record-breaking revenue, which includes Rs1.9 lakh crore from...

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Moneylife Digital Team 30 April 2025
In a sharp rebuke to the income tax (I-T) department, the Bombay High Court (HC) has set aside a reassessment-related order passed against Modern Realty Pvt Ltd, observing that the assessing officer (AO) had failed to properly consider the taxpayer’s objections, rendering the process legally...

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Moneylife Digital Team 24 April 2025
In a notable decision involving alleged offshore assets, the Mumbai bench of the income-tax appellate tribunal (ITAT) has quashed a reassessment order against Kalpana Dilip Mehta, legal heir of the late Dilip Dalpatlal Mehta. The case centred around a Rs19.48 crore addition based on a purported...

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Moneylife Digital Team 14 April 2025
In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) has dismissed the income-tax (I-T) department’s appeal challenging tax relief granted to SDN Company over a Rs126.98 crore addition made under Section 56(2)(viia) of the I-T Act.   "If the entire transaction...

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Moneylife Digital Team 04 April 2025
In a historic measure to counter higher duties on American products imposed globally, US president Donald Trump announced reciprocal tariffs on around 60 countries. While India levies a 52% average import tariff on  American goods, the US has now imposed a 27%  discounted tariff on India's...

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Moneylife Digital Team 04 April 2025
In a significant ruling that could impact thousands of non-resident Indian (NRI) investors, the Mumbai bench of the income-tax appellate tribunal (ITAT) held that capital gains from mutual fund (MF) units earned by Singapore-based Anushka Sanjay Shah are not taxable in India, due to the...

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Moneylife Digital Team 01 April 2025
The Trump administration in the US has announced a 25% tariff on imports of automobiles and some components to protect its industry, supply chains and national security. However, given India’s relatively small share in exporting vehicles and components to the US, the 25% tariff on imports by...

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Moneylife Digital Team 01 April 2025
In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) recently held that income additions cannot be made solely based on a statement given by a builder's accountant. The decision reinforces the principle that unverified third-party statements cannot be the sole...

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