Petitioner's NRO account deposits were subject to TDS deduction; ...

Widow's share transfer not taxable; bank deposits need explanation after wife's demise & hearing.

Case Laws Income Tax

October 30, 2024

Petitioner's NRO account deposits were subject to TDS deduction; transferred shares from deceased wife's account not taxable. Respondents classified petitioner as resident, demanded tax on deposits as unexplained investments and transferred shares as purchase of securities. Petitioner unable to explain due to wife's demise and personal commitments. Order passed without opportunity of hearing, violating natural justice. Order set aside, matter remanded for fresh consideration after allowing petitioner to file reply/objections and personal hearing.

View Source

← Previous Next →

Petitioner's NRO account deposits were subject to TDS deduction; ...

Widow's share transfer not taxable; bank deposits need explanation after wife's demise & hearing.

Case Laws Income Tax

October 30, 2024

You may also like:

Unexplained money u/s 69A read with 115BBE - acknowledge income/ notional income of House wife - cash deposit in bank during demonetization period - In the present case...

Unexplained money u/s 69A - deposits in bank account during the demonetization period - joint bank account of husband wife - family settlement - The Appellate Tribunal...

A Non-Resident Indian residing in Saudi Arabia made fixed deposits from remittances received in Dubai and maturity proceeds of existing term deposits, interest on NRE...

Unexplained cash deposits in bank account - The claim of the assessee remained as a bald claim only followed by no evidence. Why the depositors will deposit their funds...

Addition u/s. 69/68 - Cash deposit in joint bank account - We are unable to comprehend as to how an addition can be made in the hands of assessee towards cash deposits...

Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

Unexplained cash deposits in Bank account - The explanation given by assessee cannot be simply rejected when he states that he encashed the traveler cheques and...

Exemption u/s. 54EA - transfer of shares held as stock-in-trade - transfer of unlisted shares of DSPML is to be taxed under the head “capital gains” irrespective...

Doctrine of mutuality - Interest earned on the bank deposits by clubs - Deposit of surplus funds by the appellant Clubs by way of bank deposits in various banks - the...

Capital gain on transfer of shares - capital gains arising from the transfer of shares because of family arrangement - the assessee has transferred the shares based on...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Addition on account of cash deposit in the bank account - It is not explained why assessee was making deposits in his bank account on different dates of different amount...

Addition u/s 56(2)(vii)(c) - related person - allotment of equity shares @ Rs. 10/- - book value of shares prior to allotment worked out at Rs. 552/- per share - the...

The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

Oppression and mismanagement case - Transfer of 2500 shares by deceased challenged by appellant claiming legal heirs entitled to shares or fair price. Held: Appellant's...

Quick Updates: