Assessee was a partnership firm engaged in real estate development, had undertaken a housing project named Aakash Nidhi. It claimed deduction under section 80-IB(10) amounting to Rs. 2,51,07,390 on the entire profit of the project comprising Wings A to G.
Mumbai ITAT reduces tax disallowance on alleged bogus purchases to 5%, ruling profit element taxable when transactions are proven, distinguishing higher court precedent.
Mumbai Income Tax Appellate Tribunal rules compensation to flat owner for construction nuisance is a non-taxable capital receipt, citing earlier precedents.
ITAT Mumbai held that income from pharmacy and chemist division cannot be treated as business income from separate and independent activity. Thus, since pharmacy is an integral part of dominant purpose of hospital benefit u/s. 11(1) duly admissible.
ITAT Mumbai dismisses revenue’s appeal, upholds NFAC order restricting additions for alleged bogus purchases based on Bombay HC precedents.
ITAT Mumbai allows WOW Entertainment’s appeal, deleting ₹1.44 Cr addition under Section 68 due to denied cross-examination and proof of loan genuineness from a cooperative credit society.
ITAT Mumbai directs AO to verify long-term capital loss after CIT(A) incorrectly noted Rs. 16.89 lakhs instead of Rs. 16.89 crores.
ITAT Mumbai holds flat received by illegal occupant as non-taxable capital receipt, reversing additions made under Section 56(2)(vii)(b) and denial of 54F deduction.
ITAT Mumbai remands appeal in Falguni Panchmatia case, condoning delay and directing fresh hearing due to lack of opportunity and procedural fairness.
ITAT Mumbai deletes penalty under Section 271(1)(c), stating no deliberate concealment and distinguishing case from precedent in Mak Data ruling.
