ITAT Mumbai deletes penalty under Section 271(1)(c), stating no deliberate concealment and distinguishing case from precedent in Mak Data ruling.
ITAT Mumbai held that PCIT is empowered to issue a show- cause notice and pass a revision order u/s. 263 of the Act when reassessment order passed by AO was quite cryptic. Accordingly, order of PCIT upheld and appeal of assessee dismissed.
ITAT Mumbai held that date of allotment letter, rather than date on which purchase deed of conveyance was entered, should be considered for holding period of the property. Accordingly, appeal of assessee allowed.
ITAT Mumbai rules revenue matching isn’t a precondition for claiming business expenses u/s 37(1). Learn about this important income tax decision.
ITAT Mumbai rules share application money from existing shareholders, later converted to shares, is a capital receipt, not taxable as business income u/s 28(iv).
ITAT Mumbai restricts tax addition on share allotment in ITO vs Rajeev R Tulshyan case, citing proportionate rights issue and lack of disproportionate gain.
ITAT Mumbai held that the rate of tax on a short term capital gain on depreciable assets u/s. 50 has been held to be the rate of long term capital gain @ 20% as per Section 112 of the Income Tax Act. Accordingly, appeal of assessee allowed.
ITAT Mumbai held that invocation of revisionary proceedings under section 263 of the Income Tax Act not justified since AO has taken plausible view. Accordingly, order passed u/s. 263 set aside and appeal of assessee allowed.
ITAT Mumbai allows Mauritius fund to carry forward capital losses under Indian law while claiming DTAA exemption on pre-2017 share gains.
ITAT Mumbai rules on Usha Chandresh Shah’s appeal against treating share sale proceeds as cash credit instead of long-term capital gains.
