Mumbai ITAT rules STT-paid short-term capital loss can be set off against non-STT short-term capital gains, allowing beneficial set-off for taxpayers.
Mumbai ITAT rules against taxing gross receipts of a trust that lost Section 11 exemption, mandating only net surplus be taxed after allowing expenses. Case remitted for re-computation.
Mumbai ITAT quashes Rs. 30.83 lakh addition under Section 68, ruling the provision inapplicable as the assessee did not maintain books of account, citing Bombay HC precedent.
ITAT Mumbai held that income from the shareholders’ account was held to be taxable as income from life insurance business. Accordingly, income from shareholders’ account is taxable under the head “Profits and Gains of Business or Profession”. Thus, appeal of revenue dismissed.
Mumbai ITAT rules in favor of Tata Chemicals, allowing deduction of ₹156 crore interest on loans for overseas investment, overturning PCIT’s revision.
ITAT Mumbai confirms Rs. 12 lakh unexplained cash addition for assessee with multiple PANs, citing insufficient evidence for deposit sources.
Mumbai ITAT rules that notional rent on unsold flats held as stock-in-trade is taxable as ‘Income from House Property’ for periods even prior to AY 2018-19, affirming previous Delhi High Court judgments.
The ITAT Mumbai has quashed an income tax reopening notice for AY 2017-18, finding it was issued without mandatory prior approval from the appropriate authority under Section 151(ii) of the Act.
ITAT Mumbai affirms 25% addition on fictitious purchases by Vinod Omprakash Kainya, citing un-rebutted hawala transactions and cancelled TINs of suppliers.
ITAT Mumbai held that interest on advance given to entity how became Non Performing Asset (NPA) cannot be brought to tax since the income is really not accrued to the assessee. Accordingly, addition is rightly deleted by CIT(A).
