ITAT Mumbai quashed PCIT’s revision order u/s 263, finding the AO had already inquired into the LTCG exemption claim based on provided evidence.
ITAT Mumbai allowed Farrah Marker’s appeal, deleting the Section 68 addition on share sale, questioning the AO’s reliance on presumptions about penny stocks.
Mumbai ITAT dismisses tax additions on share sale gains and purchase cost, citing assessee’s documentation and accepted source in prior assessment.
ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation by the AO.
ITAT Mumbai allows appeal by Kalpana Dilip Mehta, quashing reassessment order as time-barred, emphasizing strict adherence to limitation periods in income tax law.
ITAT Mumbai rules Section 56(2)(viia) does not apply to shares held as stock-in-trade, aligning with legislative intent for anti-abuse measures.
ITAT Mumbai held that disallowance under section 14A of the Income Tax Act upheld since assessee failed to compute suo moto disallowance which is mandatory, even if no exempt income is earned. Thus, appeal of assessee dismissed.
ITAT Mumbai allows appeal of Jasmine Bhaskar Shah against PCIT’s Section 263 revision on exemption under 54F and indexation of gifted shares.
ITAT Mumbai sends back Hotel Association’s Section 11 deduction case for fresh review, citing lack of proper verification of charitable activities by tax authorities.
It also referred to similar findings in Matrix Partners India Investment Holdings, LLC vs DCIT and other precedents, reinforcing that exempt income did not form part of the computation of total income under Indian law.
