Addition of cash withdrawal under Section 69C in relation to the legitimate gold loan intermediary business was not justified observing that the documentary evidence including gold loan recorded validated gold loan business, thus there was no unexplained nature in the withdrawal.
Find out why an Indian trust’s tax exemption and 80G registration were jeopardized over a clause allowing foreign donations, despite no funds being used abroad.
TAT Mumbai holds that under Section 56(2)(viib), an assessee may adopt DCF or NAV method, and AO cannot substitute valuation with own estimate.
ITAT Mumbai upheld addition of ₹84.79 lakh as unexplained cash credit, rejecting Section 10(38) LTCG claim on penny stocks in Chitra Mehta’s case.
Subsequently asserted that the twin conditions under Section 263 were absent as the AO had conducted due inquiry. Revenue contended that Section 37(1) disallowed CSR expenses which were not wholly and exclusively for the purpose of business.
ITAT Mumbai dismissed revenue’s appeal against Thirumalai Chemicals, allowing gratuity, bad debts, and other expenses while also allowing the assessee’s cross-objection.
The ITAT Mumbai deleted an addition made under sections 69A and 69C, ruling that an addition based solely on loose papers and a third-party statement without corroboration is not valid.
In DCIT vs. Motilal Oswal Securities Ltd., the ITAT Mumbai dismissed the revenue’s appeals, confirming that employee stock option (ESOP) costs and corporate social responsibility (CSR) donations can be claimed as deductions.
The ITAT Mumbai ruled that the 60% tax rate under Section 115BBE applies to unexplained cash deposits for AY 2017-18, setting aside a lower rate.
ITAT Mumbai quashes addition for unexplained investments on land purchases in Hirji Parbat Gada vs ITO, remanding the issue to the AO to consider the DVO report.
