ITAT Mumbai has ruled that when sales are genuine but purchases are bogus, only the embedded profit, typically 3%, should be added to income. The tribunal dismissed a revenue appeal, confirming the principle that entire bogus purchases cannot be disallowed.
The Mumbai ITAT quashed a penalty under section 271(1)(c) against Ideal Energy Projects, citing that merely claiming a deduction is not furnishing inaccurate particulars.
Mumbai ITAT rules that late fees under Section 234E are applicable for delayed TDS statement filings that occurred after June 1, 2015, upholding a Rs. 85,200 penalty.
The ITAT Mumbai ruled that accrued interest in a loan sale is part of the purchase consideration, not interest. This means a borrower-lender relationship doesn’t exist, and TDS is not required.
ITAT Mumbai sets aside a CPC rectification order, ruling it invalid due to a violation of Section 154(3) for enhancing income without a prior notice or hearing.
ITAT Mumbai rules that a company’s inadvertent Form 10-IC filing for the new tax regime is not binding if the subsequent tax return claims a MAT credit, which is impermissible under the new regime. The decision restores the company’s MAT credit claim.
ITAT Mumbai rules that CSR expenses can qualify for a Section 80G deduction, clarifying that the restriction on business deductions under Section 37 does not apply.
ITAT Mumbai sends back a tax case for fresh hearing, ruling that the assessee must be provided with the reasons for reopening the assessment before a final order is passed.
The Mumbai ITAT ruled that under Section 50C(3), the stamp duty value prevails over a higher DVO valuation. Learn how this impacts capital gains tax.
ITAT Mumbai held that entire bogus purchases can never be treated as income only profit element embedded in the accommodation entry is to be brought to tax. Accordingly, order of CIT(A) restricting disallowance @12.5% justified.
