Mumbai ITAT sends back case of alleged bogus purchases by Jagdish Udhavdas Bajaj, citing need to verify claim of goods return to supplier.
Summary of ITAT Mumbai decision in Tejal Kaushal Shah vs ITO case. Examines Section 54 deduction for joint property and Section 23 deemed rental income dispute.
ITAT Mumbai rules on Section 50C taxability. Capital gains arise in the year of sale deed execution and possession, not registration, based on legal precedents.
ITAT Mumbai held that head office expenditure incurred outside India exclusively for the Indian branches does not fall within the ambit of section 44C of the Income Tax Act. Accordingly, appeal of the assessee allowed.
ITAT deletes tax addition on Priya Enterprises’ bullion trades, ruling genuineness was settled in prior litigation and delivery proved non-speculative nature.
ITAT Mumbai held that addition foisted upon the assessee in injudicious manner by the lower authority demonstrates lack of requisite care and caution since neither the initiation of reassessment proceedings nor the consequent addition was warranted.
Mumbai ITAT rules income addition for bogus purchases limited to 5% estimated profit, citing Bombay High Court precedent. Assessee gets partial relief.
ITAT Mumbai partly allows Manish P. Lathia’ s appeal, reducing bogus purchase addition to 5% based on industry precedents. AO directed for verification.
ITAT Mumbai cuts profit rate on alleged bogus paper purchases to 2%, citing low business margins and judicial precedent in assessee’s appeal.
Mumbai ITAT dismisses Revenue’s application seeking rectification of order in Heart Foundation case over territorial jurisdiction claim.
