ITAT Mumbai held that reassessment notice under section 148 of the Income Tax Act beyond time limit of six year is barred by limitation and hence liable to be quashed. Accordingly, appeal allowed and notice quashed.
ITAT Mumbai held that revisionary proceeding under section 263 of the Income Tax Act not justifiable when AO has taken most plausible view. Accordingly, appeal is allowed to that extent.
Read the ITAT’s order on the validity of share capital additions under the pre-amendment Section 68 for AY 2012-13. The ruling confirms that the Revenue must conduct thorough inquiries beyond mere non-service of summons to creditors.
Learn why the ITAT quashed the deemed dividend addition. The Tribunal found the payment was a salary adjustment, not a loan, and the AO failed to disprove the source of the cash credit.
The ITAT Mumbai deleted a ₹19 lakh addition u/s 68, ruling that taxing receipts already included in a company’s sales turnover constitutes double taxation. Addition was based on insufficient evidence.
The ITAT Mumbai deleted a ₹2.30 crore penalty u/s 271(1)(c) imposed on World Series Hockey Pvt Ltd, ruling that a disallowance of a bad debts claim made in good faith does not attract penalty.
ITAT Mumbai ruled that denying effective cross-examination of key witnesses, like R.K. Kedia, violated natural justice, vitiating the income tax assessment in a bogus long-term capital gains (LTCG) commission case.
ITAT Mumbai set aside a cryptic CIT(A) order and remanded the entire case to the AO, directing a de novo inquiry into unexplained fixed deposits, cash, and flat investment after admitting new bank certificates and considering natural justice principles.
The ITAT Mumbai deleted an addition of ₹46 lakh in the Rekha Rajesh Jogani case, ruling that the Income Tax Department cannot rely solely on general ‘penny stock’ investigation reports to deny Long Term Capital Gains (LTCG).
The Income Tax Appellate Tribunal (ITAT), Mumbai, has allowed Shree Sai Constructions’ appeal, setting aside a Rs.6.04 Cr capital gains addition.
