ITAT Mumbai orders DVO reference in Fakhruddin T. Malik case, ruling AO erred by not valuing disputed property despite assessee’s request.
Mumbai ITAT rules contractual penalties for road firm are business expenses, not disallowed legal infractions under Section 37(1), citing judicial precedents.
Mumbai ITAT reviews dispute over tax deductibility of claim payout provision for a credit guarantee trust under the Mudra Yojana scheme.
Mumbai ITAT dismisses revenue appeals, ruling tax additions in completed assessments require incriminating material found during the assessee’s search.
ITAT Mumbai held that mere non-appearance of directors is no basis for invoking provisions of section 68 of the Income Tax Act. Accordingly, addition towards share application money and share premium is liable to be deleted.
ITAT Mumbai held that addition under section 69A of the Income Tax Act on the basis of a third party statement without bringing any corroborative material is liable to be deleted. Accordingly, addition deleted and appeal of assessee allowed.
ITAT Mumbai held that the cash deposited is out of the gross receipts and that once gross receipts are disputed then no addition is sustainable under section 68 of the Income Tax Act. Accordingly, appeal allowed to that extent and addition deleted.
ITAT Mumbai sets aside PCIT’s order under Section 263, finding the assessment view was plausible and PCIT invoked power without quantifying revenue loss.
Mumbai ITAT sets aside CIT order, ruling original assessment valid despite unproven allegations of unexplained cash for flat purchase.
Mumbai ITAT sends back case of alleged bogus purchases by Jagdish Udhavdas Bajaj, citing need to verify claim of goods return to supplier.
