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The Latest Breaking News from CIT

'No bag of gold': CIT to slash 10 per cent from budget after leadership change

Board chair acknowledges big task ahead to bring stability to CIT.

The Canberra Times

CIT staff not interested in a 'takeover', while UC union backs merger

CIT staff not interested in a UC 'takeover', AEU says.

The Canberra Times

Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know why

Property buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in ITAT Delhi; Know why

The Economic Times

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Fresh interest in merged UC and CIT harks back to history of talks

The merger came close to reality in 2011.

The Canberra Times

Bill Shorten: University of Canberra and CIT would be 'better together'

'This is not about cost cutting,' vice-chancellor says.

The Canberra Times

Education Minister backs call to examine merging embattled CIT with UC

A chorus of high-profile voices are eager for a merger to be explored.

The Canberra Times

CIT's crisis is a chance to examine all options on the table

The institute is vital, but its entire structure is in question.

The Canberra Times

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Paying outgoing CIT head $445,000 a 'disgrace', Liberals say

Payout confirmed after Margot McNeill announced resignation.

The Canberra Times

CIT head to be paid $440,000 in settlement after resignation

Margot McNeill says 'this decision is in the best interest of the CIT community'.

The Canberra Times

Sold property for Rs 94 lakh despite a stamp value of Rs 1.93 crore, received an income tax notice under Section 50C; ITAT Chennai grants relief for this reason

Chennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differential amount; ITAT Chennai gives him relief; Know why he won the case in ITAT Chennai.

The Economic Times

Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT Ahmedabad

Family member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedabad; Know how Google earth photos and Revenue Records helped him win. Read the article.

The Economic Times

Embattled CIT appoints new acting CEO and deputy after weeks of speculation

Dr McNeill is still on leave, with no stated return date.

The Canberra Times

Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains why

Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as tax notice was issued 26 days after the limitation period had expired. Know how he won case in ITAT Bangalore.

The Economic Times

'Overly litigious and combative': call for investigation into CIT chief executive

The committee stopped short of finding her in contempt of the assembly.

The Canberra Times

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The Canberra Times

Student's graphic injury at Floriade pulls CIT 'cowboy' safety culture into spotlight

CIT board member confirms serious safety incident.

The Canberra Times

Union 'deeply disturbed' by job cuts at CIT

The CIT will offer voluntary redundancies to staff.

The Economic Times

ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claim

Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent liability; ITAT Mumbai cancels tax notice and rejects tax dept's contention. Know the full details of what happened in this case.

The Canberra Times

CIT orders investigation into electric vehicle training program

Chief executive's previous denial under new spotlight.

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Reason

Second Lawsuit Challenging Trump's New Section 301 Tariffs Filed

It was filed by several businesses, including Learning Resources, Inc., which was also involved in the IEEPA tariff litigation.

The Economic Times

NRI sells his Bangalore property for Rs 2.63 crore, declares Rs 16.33 lakh LTCG, gets tax notice; he fights and wins partial relief from ITAT for this reason

Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as expenses; Tax dept denied the expenses; ITAT Bangalore allows partly allows his expenses claim. Know why did the NRI win the tax case in ITAT Bangalore.

The Canberra Times

'Medical issues' cause delays in CIT chief's case against previous employer

Court has heard of delays in case against TAFE NSW.

The Canberra Times

Canberra Institute of Technology board refuses to explain CEO's absence

Dr Margot McNeill hasn't been seen at work for two weeks.

The Economic Times

Husband trades through wife’s demat account, incurs Rs 1.95 crore loss; tax dept sends notice over clubbing of income, ITAT Lucknow grants him relief

A husband's attempt to offset substantial stock market losses against his income was initially rejected by tax authorities. Despite trading using his wife's demat account and gifting her Rs 1.15 crore, the tax department argued the Rs 1.95 crore loss, including Rs 80 lakh from her own funds, was hers…

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

Reason

Federal Circuit Stays Enforcement of Ruling Against Trump's Section 122 Tariffs

The ruling is flawed on both substantive and procedural grounds.

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