ITAT Mumbai quashes income tax assessment for AY 2017-18 due to lack of higher authority approval under Section 151 for reopening beyond three years.
ITAT Mumbai quashes PCIT’s Section 263 revision order, ruling AO had duly examined filing fee expenditure for share capital increase in original assessment, thus no error.
ITAT Mumbai rules that shares bought off-market and later sold on stock exchanges with proof of genuine transactions cannot be treated as unexplained income.
Disallowance on dividend income claimed by ICICI Prudential Life Insurance was deleted as Section 44, being a non-obstante clause, overrides the provisions of Section 14A of the Income Tax Act, 1961, in computing income for life insurance companies.
TPO proposed transfer pricing adjustments of INR 1,03,26,939/-. According to TPO, appellant had advance funds to its AE [i.e. Golden Harvest Middle East (FZC)] under the grab of share application money and there was inordinate delay in allotment of shares.
Assessee was in the business of construction and in developing housing complexes i.e to construct the property and sell it therefore, unsold flats held as stock-in-trade should be treated as business stock, not income from house property.
ITAT Mumbai held that passing of assessment order without mandatory service of notice under section 143(2) of the Income Tax Act is unjustified. Accordingly, assessment order being passed sans serving notice u/s 143(2) of the Act, is liable to be quashed.
ITAT Mumbai held that unreasoned order confirming addition passed ex-parte is against the principal of natural justice and hence the matter is restored back to CIT(A) for fresh consideration.
ITAT Mumbai held that interest derived from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act to the co-operative society.
ITAT Mumbai held that once the issue of reopening was examined in the scrutiny assessment proceedings, the reason framed under wrong facts are not valid reason, therefore such reasons to believe cannot be sustained. Thus, reopening of assessment quashed.
