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tax notice

Medicine shop owner deposited Rs 2.47 crore cash, faced unexplained money tax notice; ITAT Delhi says Income Tax Dept could not counter his evidence, rules in his favour

The deposits in question were made by the medicine shop owner in three savings accounts. (Image for representative purpose in only) Cash deposits made in bank accounts can invite income tax scrutiny if the assessing officer is unable to detect a clear trail and source. In one such case a pharmaceutical and medicines retailer based...
cash deposit

He deposited Rs 14.96 lakh cash during demonetisation; landlord faced unexplained money tax notice under Section 69A, but ITAT Bangalore deletes addition on account of rental income

The ITAT Bangalore ordered the deletion of the entire addition of Rs 14,96,500 made under Section 69A. (Image for representative purpose only) When it comes to income and taxation, documents and money trail form an important part of the process. This is particularly important when income from any of your sources is in cash. In...
vladimir putin and donald trump

US-Russia talks on Ukraine now involve multi-billion dollar oil deal tied to Trump & his allies

Lukoil oil deal enters US-Russia-Ukraine talks Talks between the US and Russia over ending the war in Ukraine have expanded to include a proposed multibillion-dollar deal for Lukoil’s international oil assets, with the prospective investor group including people with business ties to US President Donald Trump’s allies. The deal would require approval from both the...
rbi governor sanjay malhotra

Today’s resilience no guarantee for tomorrow: RBI Guv flags emerging financial risks

RBI governor Sanjay M​alhotra​ Reserve Bank governor Sanjay Malhotra on Saturday said that the central bank remains committed to monitoring emerging vulnerabilities and maintaining a strong and resilient financial system, even as the financial sector remains resilient with healthy balance sheets of banks and NBFCs.“Today’s resilience may not necessarily imply tomorrow’s immunity, and we are...
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