Mumbai ITAT reviews dispute over tax deductibility of claim payout provision for a credit guarantee trust under the Mudra Yojana scheme.
Mumbai ITAT dismisses revenue appeals, ruling tax additions in completed assessments require incriminating material found during the assessee’s search.
Mumbai ITAT rules on quality of tax approvals after search, interpreting undefined terms by analogy, and the principle of subordinate authorities following precedent.
Mumbai ITAT reduces tax disallowance on alleged bogus purchases to 5%, ruling profit element taxable when transactions are proven, distinguishing higher court precedent.
