The ITAT Mumbai upheld the deletion of a Rs.49 lakh addition made to Kolar Paper Mills for a CSR donation. The court ruled that the company had already disallowed the expenditure and had not claimed any deductions, thus preventing double taxation.
Mumbai ITAT has restored a bogus purchases case to the Assessing Officer for a fresh hearing, ruling that CIT(A) erred by partially restricting the addition without giving the assessee a full opportunity to present evidence.
The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled in favor of NND Ambernath LLP, holding that a donation made to an institution with a valid exemption at the time of the transaction cannot be disallowed.
Tribunal rules that Mtitanium Apartments cannot claim ₹1.10 crore brought forward business losses as the income tax return for AY 2023-24 was filed late, despite medical hardship.
The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled that the Finance Act 2022 amendment, which shortened the period for charitable trusts to utilize accumulated income from six to five years, is not retrospective.
In Aadinath Gems Vs ITO, ITAT Mumbai deleted an unexplained cash credit addition under Section 68 for an amount from a prior year, while remanding the share application money dispute to the AO for fresh verification.
The ITAT Mumbai ruled in favor of Bennett Coleman & Co. Ltd., holding that a further Section 14A disallowance is unwarranted when the assessee’s own disallowance exceeds the exempt income.
The ITAT Mumbai ruled in favor of Nilesh Shirish Mehta, setting aside a reassessment order for AY 2015-16. The tribunal found the Section 148 notice, issued after April 1, 2021, to be time-barred and invalid based on concessions made by the Department before the Supreme Court in the case of Union of India v. Rajeev Bansal.
The Income Tax Appellate Tribunal (ITAT) Nagpur has invalidated reassessment proceedings against Mithilesh Jagdeo Singh Pawar, ruling that the case was reopened on a matter already examined during the original scrutiny assessment.
The ITAT Mumbai has dismissed the revenue’s appeal against Mazagon Dock Shipbuilders Ltd., ruling that a reassessment based on a prior audit note constitutes an invalid “change of opinion” and that Section 50C does not apply to the transfer of leasehold rights.
