The ITAT Mumbai has set aside a Rs. 2.55 crore tax order against Gemini Dyeing and Printing Mills, ruling the company was denied a reasonable opportunity for hearing.
The ITAT Mumbai has upheld a decision to restrict a bogus purchase addition to a 12.5% gross profit rate, citing a Bombay High Court precedent, in the case of DCIT vs. S. Rasiklal and Co.
In the case of Paresh Manubhai Desai vs. ITO, the ITAT Mumbai has ruled that long-term capital gains exemption is applicable on the sale of inherited shares, setting aside a short-term capital gains tax.
Mumbai ITAT rules cash withdrawn before demonetization is not unexplained, deleting a ₹23 lakh addition. The tribunal partly upheld the disallowance of agricultural income.
Mumbai ITAT rules that an addition under Section 43CA cannot be sustained without a reference to the Departmental Valuation Officer (DVO), especially when the taxpayer specifically requests it. This case highlights the importance of fair valuation in property transactions.
ITAT Mumbai rules that 100% disallowance of alleged bogus purchases is unsustainable. The court directs taxing only the profit element after adjustments.
Additions made under section 69A against assessee for Assessment Years (AYs) 2011-12 to 2018-19 was deleted as proceedings initiated on the basis of seized documents which did not mention assessee’s name were unsustainable.
ITAT Mumbai ruled on Section 43CA, deleting an addition on a flat sale. The ruling granted the benefit of the agreement date and prior payments to the seller.
The Income Tax Appellate Tribunal in Mumbai has quashed reassessment proceedings against Babu Hasan Shaikh, ruling that the notice was issued after the statutory time limit had expired.
The ITAT Mumbai hears arguments on whether the MLI can be applied to deny tax treaty benefits to an Irish firm without a separate protocol, in a case involving aircraft leasing.
