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ITAT Offers Tax Relief to Assessee Who Plants 500 Trees Amid Rs 11.22 Cr Addition

An Income Tax Appellate Tribunal (ITAT) has offered a unique conditional relief to a taxpayer facing a Rs 11.22 crore tax addition on his returns. The assessing officer had scrutinised the taxpayer's finances and flagged large cash deposits, unsecured loans worth crores, and an unsubstantiated agricultural income claim of Rs 3 lakh. The taxpayer had filed an ITR declaring Rs 1.79 lakh in income, which raised red flags during assessment. In an unconventional move, the ITAT offered the individual a chance at relief on the condition that he plants 500 trees. The case highlights both the scrutiny applied to suspicious financial disclosures and the tribunal's willingness to incorporate environmental responsibility into its rulings.

US Pushes to Penalize Russian Oil Buyers While Itself Importing Russian Energy

The United States has been advocating for punitive measures against countries that purchase Russian oil, even as it continues to import energy from Russia itself. Data from the Centre for Research on Energy and Clean Air (CREA) reveals that China has been Russia's largest fossil fuel customer since January 2023. China accounts for 35.3 per cent of Russia's total fossil fuel export earnings during this period. The situation highlights a contradiction in US policy, where it pressures other nations over Russian energy purchases while maintaining its own trade ties with Moscow.