ITAT Mumbai rules in favor of assessee, deleting a Rs 10.53 lakh cash deposit addition, citing Section 68 non-applicability to bank accounts.
The ITAT Mumbai has deleted unexplained cash credit additions for the Pitkar family, ruling Section 68 inapplicable to bank passbooks and citing genuine medical expenses.
ITAT Mumbai overturns A.O.’s additions for alleged bogus long-term capital gains and commission, citing lack of evidence and denial of cross-examination.
ITAT Mumbai rules capital gains holding period begins on the date of the sale agreement, not possession. A key verdict on indexation benefits for property.
ITAT Mumbai rules on Section 36(1)(viia) deduction for banks, confirming it applies to total outstanding advances, including opening balances, citing High Court precedents.
Mumbai ITAT clarifies Section 54F capital gains exemption, ruling that co-ownership does not disqualify an assessee from claiming tax benefits on new residential property.
ITAT Mumbai held that denial of exemption under section 11 of the Income Tax Act not justified as advances given doesn’t violate provisions of section 13(1)(d) of the Income Tax Act. Accordingly, appeal allowed and exemption granted.
ITAT Mumbai quashes ₹5.39 crore income addition by AO, stating calculations based on two days’ bills were illogical for tax proceedings. Sales were already recorded by a successor firm.
Mumbai ITAT dismisses PCIT’s Section 263 order against Kisan Agro Mart, ruling a presumed 3% commission on accommodation entries was based on surmises, lacking evidence.
ITAT Mumbai dismisses Cable & Wireless India’s appeal, ruling it non-maintainable as the assessee bypassed the first appellate authority (CIT-A).
