The ITAT Mumbai ruled that a penalty cannot be levied on additions made on an estimated basis. The case of Khodiyar Impex vs. ITO clarified that a 3% disallowance on alleged bogus purchases doesn’t constitute concealment of income.
ITAT Mumbai dismisses an appeal from the Income Tax Office, ruling that a charitable trust’s reported income accumulation was a punching error.
ITAT Mumbai held that the Explanation to section 14A of the Income Tax Act inserted by the Finance Act, 2022 is prospective in nature and cannot be applied to assessment years preceding the amendment. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that increasing book profits under section 115JB of the Income Tax Act on account of disallowance u/s. 14A read with rule 8D is not justifiable. Accordingly, appeal of the assessee allowed.
ITAT Mumbai remitted matter of taxability of industrial promotion subsidy back to CIT(A) for de novo meritorious adjudication as details and documents demanded thereon were not furnished by the assessee.
Law prescribes that tax shall be charged on income in respect of which such person is so liable at the maximum marginal rate. There is no provision in the law to charge specific discretionary trust bit lower than the rates of tax and surcharge applicable to a beneficiary individual.
ITAT Mumbai held that interest on delayed VAT/GST and penalties for export obligation defaults are deductible u/s 37(1). However, loss on sale of assets was treated as short-term capital loss and could not be set off against business income.
ITAT quashes reassessment against Mauritius-based FPI, ruling that sanction from correct authority under section 151 was mandatory.
ITAT Mumbai quashes a reassessment notice, ruling it was invalid as the sanction was granted by the wrong authority under Section 151 of the Income-tax Act.
Mumbai ITAT rules 10% tolerance limit under Section 50C is retrospective from 2003, deleting an addition. It also allows deduction for stamp duty paid by seller.
