ITAT Mumbai quashes assessment order in Ghanshyam Sagarmal Modi vs. ACIT case. Non-appearance justified; CIT(A)’s ex-parte decision overturned.
Explore the legal intricacies as ITAT Mumbai delves into the dispute over undisclosed income, cash receipts, and the application of Section 69A in the case of Madhu Developers
ITAT Mumbai held that provisions of section 40A(2)(a) of the Income Tax Act are applicable in cases, wherein, the director of subsidiary company, to whom payment has been made, has substantial interest in the assessee.
ITAT Delhi cancels penalty under section 271(1)(c) in Identity Wellness Centre case. Displacement of fair market value supported by valuation report by AO.
ITAT Mumbai dismisses appeal in Shalini Karan Kumar case. Non-appearance and failure to submit documentation for exemption claim under section 54 of Income Tax Act.
Explore ITAT Chennai’s ruling in Smt. Chandrasekaran Valarmathi vs. ITO case. Section 56(2)(vii)(b)(ii) of the Income Tax Act won’t apply when property is purchased for business use of a partnership firm.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
Read the full text of ITAT Mumbai’s order in Rohinton Homi Sanga Vs DCIT case. No income tax addition for an employee acting on behalf of company directors. Analysis and conclusion provided.
ITAT Chennai rules in favor of Mahasakthi Mills Pvt. Ltd., stating no cash credit addition when the assessee proves the genuineness of business transactions. Full order analysis.
Explore the ITAT Bangalore ruling in Shaon Paul vs. ITO case. Addition under section 69A upheld due to imprudent retention of a sum for a long period. Details here.
