ITAT Mumbai voids assessment against Candor Renewable Energy, ruling notices to non-existent amalgamated company invalid despite merger.
ITAT Mumbai dismisses revenue’s appeal against Adihemshree Financial, a share trader, on losses incurred from alleged penny stocks. The tribunal cited that the losses were a regular business activity.
The Mumbai ITAT ruled that a tax reassessment on alleged bogus capital gains was invalid, citing the lack of specific incriminating evidence found during the search.
In Rajeshkumar Shah vs DCIT, ITAT strikes down cash loan & notional interest additions under Section 69 due to lack of corroborating evidence and unreliable witness statements.
The Mumbai ITAT set aside a PCIT’s revisionary order against Procter and Gamble, ruling the AO’s original inquiry was adequate and not a basis for revision.
ITAT Mumbai ruled that capital gains from a property sale were taxable in the year the sale deed was executed, not the year of the MoU, due to a prior bank lien. The court also clarified tax rates and acquisition costs.
The ITAT Mumbai restricted a bogus purchase addition to the profit element, distinguishing the case from a prior ruling because the assessee provided a source for the payments.
The ITAT Mumbai deleted a penny stock addition, ruling that the income tax department’s reliance on suspicion and a general investigation report was insufficient to dislodge the assessee’s proof of genuine transactions.
The ITAT Mumbai has ruled that brought-forward business losses cannot be set off against short-term capital gains from the sale of depreciated assets, upholding the disallowance.
The ITAT Mumbai quashed a penalty against an assessee, ruling that the penalty order was time-barred as it was issued beyond the limitation period specified under Section 275(1)(c).
