Can the Income Tax Department Tax You for a Transaction That Never Happened? ITAT Says No   Assessee Cannot Be Asked to Prove a Negative; Burden Shifts to Revenue Once Transaction Is Denied In today’s era of data-driven tax administration, information available on various government portals often forms the basis for assessments, reassessments, and tax…

The New Capital Gain Formula: More Choice, More Confusion   [Query 1] I have read in your earlier column regarding the computation of capital gains where an old property (acquired before 23rd July 2024) is sold. In such a case, the capital gain tax cannot exceed the lower of tax computed at 12.50% without indexation &…

Section 115BBE Controversy Nearing Closure: Rajasthan High Court Joins the Taxpayer Camp   Enhanced 60% Tax Rate Cannot Be Applied Retrospectively, Says Rajasthan High Court Few provisions introduced in the aftermath of demonetisation have generated as much litigation as Section 115BBE. The provision, which taxes unexplained income covered under Sections 68, 69, 69A, 69B, 69C…

ITAT Delhi Clarifies: Once Form 10-IE Is Filed, New Tax Regime Option Continues Unless Withdrawn   Relief for Taxpayers Opting for Section 115BAC The transition from the old tax regime to the new tax regime has generated numerous disputes, particularly regarding procedural requirements and the filing of Form 10-IE. In a taxpayer-friendly ruling, the Delhi…

Demonetisation Tax Shock Gets a Reality Check: Rajasthan HC Rules 60% Tax Under Section 115BBE Not Applicable for AY 2017-18     Rajasthan High Court Holds Enhanced Tax Rate Cannot Be Applied Retrospectively One of the most litigated consequences of the 2016 demonetisation exercise has been the tax treatment of unexplained cash deposits. While the…