ITAT Mumbai deletes LTCG addition in penny stock case, ruling in favor of Assessee. Landmark decision emphasizes genuine transactions and compliance.
Explore the ITAT Mumbais decision favoring Bombay Society of the Salesian Sisters India, allowing the expenditure on school building repairs and property taxes as an application of income for charitable purposes.
Explore the case of Dombivali Paper Mfg. Co. challenging penalty under section 271(1)(c) for alleged bogus purchases. Detailed analysis, tribunal’s view, and legal insights provided.
Explore the case of Ramprasad Nigam vs ITO under Section 271(1)(c) for disallowed exemption claim under Section 54. The penalty is quashed based on accurate disclosure.
Purpose for which loan was acquired is irrelevant to consideration of question whether expenditure/interest on such borrowed capital/loan was revenue expenditure or capital expenditure – Borkar Packaging Pvt. Ltd. Vs ACIT (ITAT Panaji)
Explore the details of Traxit Engineers Pvt. Ltd. vs. Assessing Officer case at ITAT Mumbai, involving the dispute over concessional tax rates. ITAT directs verification of Form 10-IC for lower tax regime eligibility.
ITAT Mumbai held in Supertech Construction Company Vs ACIT that penalty notice lacked clarity on grounds for penalty & penalties cannot be levied on additions made on Estimated Bogus Purchase Addition.
Midway Exim Pvt. Ltd. appeals against ITAT Delhi’s order upholding the addition of Rs 8.18 crores u/s 68 of the Income Tax Act. The appeal challenges the reassessment proceedings, notice issuance, and provides detailed analysis on share application money.
Legal fiction created u/s. 2 (22)(e) enlarges definition of dividend only and legal fiction is not to be extended further for broadening concept of share holders.
In a significant decision, ITAT Delhi quashes assessment order in Rajender Agarwal Vs ACIT case, citing abatement under Section 153A after a search. Detailed analysis of the legal arguments and implications.
