ITAT Mumbai held that it is the duty imposed on the Assessing Officer to complete the rectification process within six months. Thus, by remanding the matter back to the file of Assessing Officer, it is directed to complete the rectification within one month.
Mumbai ITAT rules excess stock found during survey, when linked to business, is undeclared business income, not unexplained investment, thus avoiding Section 115BBE.
ITAT Mumbai clarifies tax treatment of goodwill from amalgamation, project expenses, future provisions, and Section 14A disallowances for Dosti Realty Ltd.
Mumbai ITAT allows Vanguard Total International Stock Index Fund to set off STT-paid losses against non-STT gains, citing Calcutta High Court precedent and no hierarchy in Section 70.
Mumbai ITAT allows Emerging Markets Index Fund to set off short-term capital losses against gains with differential tax rates, citing Section 70(2) and judicial precedents.
ITAT Mumbai rules on iShares MSCI EM UCITS ETF’s appeal, allowing set-off of short-term capital losses against gains regardless of differing tax rates or STT payment.
Mumbai ITAT ruled the CIT(E)’s revisionary order against Indian Education Society was time-barred, clarifying Section 263’s scope regarding original vs. reassessment issues.
Mumbai land transfer tax case on development agreement, capital gains, and property possession in slum redevelopment. Judicial precedents cited.
As stated earlier, appellant had raised objection on 15.01.2022 against re-opening but the same was not disposed of by AO by passing a speaking order as per guidelines issued by SC in case of KGN Driveshafts.
ITAT Mumbai held that since donations collected were parked in savings bank account of assessee and funds were used for personal purpose hence donation collected are taxable u/s. 56(2)(x) of the Income Tax Act. Accordingly, appeal of the assessee dismissed.
