Judgement

The ITAT granted full relief to Sunetra Ajit Pawar by quashing the Rs 32.14 crore addition, holding that vague diary entries and weak digital evidence were insufficient to establish unexplained income.

ITAT Mumbai Grants Full Relief to Sunetra Pawar in Rs 32.14 Crore Alleged Cash Transactions Case

The ITAT Ahmedabad rules that opening cash cannot be treated as unexplained merely due to non-disclosure in earlier ITRs if backed by financial capacity and reasonable explanation.

ITAT Holds Opening Cash Cannot Be Added Without Supporting Evidence

Court rules share buyback is capital reduction, not property receipt under undervaluation provisions.

HC Clarifies Buyback Transactions Outside Deemed Income Provisions

The ITAT Rajkot allowed Section 87A rebate on STCG where the total income does not exceed the limit of Rs 7 lakh and deleted the tax demand.

Section 87A Rebate Cannot be Disallowed Against STCG If Income Is Below Rs 7 Lakh: ITAT

Articles

Income tax refund is not taxable, but Interest on refund is taxable under “Income from Other Sources” as per the Income-tax Act, 1961 and Income Tax Act, 2025, and must be reported in the year of receipt.

Refund in Hand, Tax in Demand: The Truth About Interest on Income Tax Refund

Income tax information explains filing deadlines, penalties, and compliance rules, along with the transition to the Income Tax Act, 2025 and the importance of timely return filing.

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ITAT Mumbai Grants Full Relief to Sunetra Pawar in Rs 32.14 Crore Alleged Cash Transactions Case

ITAT Holds Opening Cash Cannot Be Added Without Supporting Evidence

HC Clarifies Buyback Transactions Outside Deemed Income Provisions

Section 87A Rebate Cannot be Disallowed Against STCG If Income Is Below Rs 7 Lakh: ITAT

Refund in Hand, Tax in Demand: The Truth About Interest on Income Tax Refund

Overview of Income Tax Rules, Deadlines, Penalties, and New Law Transition for FY 2025-26