ITAT Mumbai rules against Section 56(2)(vii)(b) addition, stating property valuation should be based on the agreement date, not registration, when payments are made by banking channels.
ITAT Mumbai ruled against reopening assessments for penny stock LTCG without independent proof of accommodation entries, emphasizing genuine investor transactions.
Mumbai ITAT grants relief to senior citizen Neeta Rohit Patel, quashing interest under Sections 234B & 234C on exempt partnership income. Landmark ruling clarifies advance tax exemption.
ITAT Mumbai held that in the present case there is a surrender of tenancy rights against which a new flat has been allotted. Thus, deduction u/s. 54F admissible against the capital gain so computed on surrender of tenancy right.
Addition made under Section 69A based only on statements and a pen drive that were never tested or corroborated was not justified as such evidence could not be treated as credible unless the taxpayer was confronted with it and given an opportunity to respond.
Since the notice was issued under Section 148 in the name of a non-existing entity, despite the department having been intimated about the amalgamation much earlier, the impugned notice under Section 148 was null and void. Consequently, the reassessment order passed based on this invalid notice was quashed.
ITAT Mumbai allows Section 54F deduction for Anant R Gawande, clarifying joint ownership and property acquisition for capital gains exemption.
ITAT Mumbai held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act on account of difference of opinion is not sustainable in law. Accordingly, revision order passed by PCIT is liable to be quashed.
ITAT Mumbai quashes reassessment against Sky Scraper Properties, ruling no addition was made based on the initial reason for reopening, citing Bombay HC precedent.
ITAT Mumbai rules stake money paid to horse owners is not subject to TDS under Sections 194B or 194BB, citing previous Tribunal order and CBDT Circular.
