ITAT Mumbai rules on the contentious issue of taxing deemed rental income from unsold flats held as stock-in-trade by property developers, citing conflicting High Court judgments and favoring the assessee.
Mumbai ITAT rules against computing deemed rental income on unsold flats held as stock in trade, favoring business income treatment for builders.
Mumbai ITAT delivers consolidated order on Haware Construction, addressing validity of re-opening, disallowing partial bogus purchases, and ruling on unsold flats and Section 14A expenses.
Mumbai ITAT rules joint ownership of residential property does not bar Section 54F capital gains exemption, favoring assessee in conflicting High Court views.
Mumbai ITAT rules that Hardship Compensation from developers in redevelopment projects is a capital receipt, not taxable income or dividend. It reduces asset cost for future capital gains.
ITAT Mumbai held that payments for roaming charges, being for automated services, do not fall under ambit of TDS provisions under Section 194C or 194J of Act.
Mumbai ITAT remands Shankarlal Shantilal Mali’s appeal on unexplained cash deposits of over 1 crore for AY 2014-15 to CIT(A) for fresh adjudication.
ITAT Mumbai rules that gifts received shortly after marriage are exempt under Section 56(2)(vii) of the Income-tax Act. The decision clarifies that “on the occasion of marriage” includes gifts associated with the event, irrespective of immediate cheque clearance.
ITAT Mumbai grants Section 54F exemption to Ratan Mahendra Jain for purchasing a duplex unit, clarifying it as a single residential property.
ITAT Mumbai clarifies tax on builders’ unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G deduction for CSR expenses, citing judicial precedents.
