Mumbai ITAT rules in favor of M.K. Shelters, quashing income additions for multiple years. The tribunal cited insufficient evidence linking the dormant firm to alleged cash transactions and noted critical procedural errors by the Assessing Officer in the reassessment.
ITAT Mumbai rules cash deposits in SBNs during demonetization, with explained sources, cannot be treated as unexplained income, citing judicial precedents.
Mumbai ITAT dismisses Section 68 addition on NICAF LLP, clarifying that Section 47(xiiib)(f) violations relate to capital gains, not unexplained credits, in company-to-LLP conversions.
ITAT Mumbai deletes disallowance on related party payments (40A(2)(a)) and upholds commission to MD (36(1)(ii)) for Nat Steel Equipment Pvt Ltd
ITAT Mumbai held that as per previous provisions of section 68 of the Income Tax Act applicable till 31st March 2013, the assessee was not required to explain the source of money provided by the creditors.
Mumbai ITAT rules for Larsen & Toubro, quashing reassessment notices for AY 2014-15 & 2015-16. Notices found time-barred based on SC’s Rajeev Bansal ruling.
ITAT Mumbai sets aside reassessment for advocate Nilanjana Arvinder Singh (AY 2013-14, 2014-15), ruling Section 148 notices time-barred. Decision follows Supreme Court’s Ashish Agarwal and Rajeev Bansal rulings on reassessment limitation.
ITAT Mumbai sets aside reassessment against Ramchand Jhamtani (AY 2014-15), ruling Section 148 notice time-barred. Decision relies on Supreme Court’s Ashish Agarwal and Rajeev Bansal judgments.
Mumbai ITAT dismisses revenue’s appeal against reduced addition for alleged bogus purchases, citing assessee’s evidence and distinguishing the Kanak Impex precedent.
ITAT Mumbai quashes APM Terminals India’s 2017-18 assessment order, citing tax authorities’ failure to meet statutory deadlines for finalization.
