Money

Grain trader deposited Rs 5.2 crore cash in bank, filed ITR declaring Rs 7.65 lakh income, got unexplained deposit income tax notice; won case in ITAT Delhi for this reason

₹85.30 lakh cash gifts from relatives: ITAT says donors’ low income alone isn’t enough to reject genuine gifts

• Chennai ITAT deleted a tax addition of ₹85.30 lakh on cash gifts
• Taxpayer produced gift deeds, donors’ ITRs and financial statements
• The ruling may guide Indian taxpayers facing scrutiny of family gifts

Can money collected for someone else be taxed as your income? ITAT ruling on ₹20.33 lakh cash deposits

• An 89-year-old retired principal said ₹20.33 lakh in deposits were hostel fees collected for an education society
• He said only ₹2,251 was his own income

Salary earned abroad, credited to NRE account: Does that make it taxable in India? ITAT ruling explained

• Bengaluru ITAT ruled that foreign salary credited to an Indian NRE account alone cannot make it taxable in India
• The taxpayer’s employment was overseas
• The ruling may inform tax treatment for Indians working abroad and their financial advisers