ITAT Mumbai dismisses Krishna Residency CHS’s appeal, refusing to condone a 2240-day (over six-year) delay. The tribunal found the society’s explanations for the delay contradictory and unsubstantiated, upholding the lower authority’s decision.
The ITAT ruled that a PCIT cannot use Section 263 to revise an assessment order that is “non-est” in law due to a procedural defect.
The ITAT Mumbai has ruled that interest on borrowed funds used for capital reduction is a valid business expense under Section 36(1)(iii) of the Income Tax Act. The tribunal also clarified that the buyback tax under Section 115QA cannot be applied to capital reduction transactions completed before the June 1, 2016 amendment.
Mumbai ITAT has set aside an ex parte tax assessment, ruling that a genuine dispute between partners was a valid reason for non-compliance.
The ITAT Mumbai, in the case of DCIT vs. JM Financial Services, ruled that a loss from speculative share trading cannot be set off against a profit from non-speculative Futures and Options (F&O) transactions.
The ITAT in Mumbai has restricted an income tax disallowance on alleged bogus purchases for Quality Heightcon, capping it at 12.5% of the total amount and citing judicial precedents.
In a recent order, the Income Tax Appellate Tribunal (ITAT) Mumbai has provided a significant verdict in the case of Rajesh Shivji Shah vs. Income Tax Officer (ITO) for the assessment year 2011-12.
The ITAT in Mumbai has deleted an income tax addition against Rahul M. Dalmia, ruling that the purchases were genuine. The court found that the assessee had provided sufficient evidence and distinguished the case from other precedents.
The ITAT Mumbai ruled that once Form 10EE is filed, its benefits under Section 89A apply automatically to future years, making annual filing unnecessary.
ITAT Mumbai restored a trust’s 12A registration application after it was rejected for a 29-month delay, citing trustee’s illness as a reasonable cause for lapse.
