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.
ITAT Mumbai upheld CIT(A)’s rulings in ACIT vs GM Modular Pvt. Ltd., addressing unverified purchases, PF/ESI disallowances, and incriminating material in search cases.
ITAT Mumbai held that GST would not form part of gross receipts for the purposes of computing presumptive income under Section 44BB of the Income Tax Act. Accordingly, appeal of the assessee allowed.
ITAT Mumbai: Valid 12AA registration bars AO from denying Sec 11 exemption by re-examining charitable objectives. Key ruling explained.
ITAT Mumbai held that trade advances, being in the nature of commercial transaction, would not fall within the ambit of the provisions of section 2(22)(e) of the Act and therefore the addition made by the AO is deleted. Accordingly, appeal allowed.
ITAT Mumbai remands case of Sandeep Singh Karhail vs Girish Agrawal for fresh hearing, citing lack of opportunity and procedural lapses in reassessment.
Araadhya Jain Trust Vs ITO (ITAT Mumbai) Whether surcharge is applicable at respective surcharge slab rate or at maximum surcharge rate in case of the Private Discretionary Trust? In a significant ruling that brings clarity to taxation of Private Discretionary Trusts, the Income Tax Appellate Tribunal (ITAT) Special Bench has held that surcharge on such […]
ITAT Mumbai rules in Farhat Yusuf Shaikh case—book entries and AIR data alone not enough to justify additions under Sections 68 and 69 of the IT Act.
ITAT Mumbai rules in favor of Lintas Trust on surcharge issue, clarifying no surcharge applies when income is below ₹50 lakh as per Finance Act provisions.
ITAT Mumbai dismisses revenue appeal against deletion of Sec 56(2)(viia) addition in ITO vs S D N Company case, concerning share valuation and family settlement.
