ITAT Mumbai set aside orders taxing a money changer’s Rs.219 crore turnover, holding that neither u/s 68 addition nor arbitrary profit estimation is valid without verifying recreated books.
Mumbai ITAT affirmed the deletion of a ₹2.74 crore F&O loss addition under Section 153A for an unabated year. The addition, based only on the post-search “Project Falcon” report, was void as no incriminating material was found during the search itself, following the Supreme Court’s mandate.
The ITAT reaffirmed that genuine statutory deductions cannot be denied solely due to technical defects or the absence of a specific column in the ITR form. The Tribunal directed the to allow the deductions, including beyond the 10% limit for eligible specified donations.
The ITAT set aside the crore addition, ruling that lower authorities acted mechanically by rejecting detailed evidence like invoices, bank statements, and vendor confirmations. The Tribunal mandated a remand, emphasizing that suspicion is not a valid basis for disallowance when substantial documentary proof is on record.
Mumbai ITAT clarified that perpetual leasehold rights are equivalent to ownership for the purpose of a specified agreement” under Section 45(5A)/194-IC, requiring 10% TDS on JDA monetary payments.
ITAT Mumbai dismissed the Revenue’s appeal, ruling that a genuine business loss from penny stock trading, supported by contract notes and demat records, cannot be disallowed based solely on a third-party statement or generic investigation report.
The Tribunal ruled that the crore addition, made solely because the assessee’s petrol pump was allegedly unauthorized to accept SBNs, was incorrect. Since the cash deposits were sourced from historical, recorded cash sales accepted by the AO, taxing the deposits again would constitute impermissible double taxation.
Tribunal granted substantial relief to Wadhwagroup Holdings by deleting tax disallowances aggregating ₹2,13,03,85,960. Tribunal dealt with issues relating to subleasing expenses, reversal of flat sales, project construction costs, interest expenditure, classification of common area maintenance (CAM) charges, and deemed rental income under the Income Tax Act, 1961, and ruled largely in favour of the assessee.
ITAT Mumbai ruled that the date of a Letter of Intent (LOI), 14.02.2011, constitutes the date of acquisition for a flat, allowing indexation from that date for Long-Term Capital Gains computation.
The ITAT Mumbai upheld the deletion of a Rs.2.22 Cr addition under Section 43CA for AY 2018-19, ruling that the 10% tolerance limit (safe harbor) for the difference between sale consideration and property valuation is a beneficial, curative amendment and thus applies retrospectively from the provision’s insertion.
