ITAT Mumbai dismisses ITO’s appeal against Pamela Pritam Ghosh, upholding Section 54 exemption for property purchase in Australia before the 2014 amendment.
Asha Viren Raj Vs ITO (ITAT Mumbai) The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassessment under Section 147 of the Income Tax Act, 1961, and the taxation of commodity transaction income. The original assessment for Assessment Year (AY) 2012-13 was completed under Section 143(3). However, the Income […]
ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting property valuation disputes.
ITAT Mumbai quashes reassessment order in Raghunandan Bhomia vs DCIT case, citing failure to provide reasons for reopening assessment, violating legal precedents.
ITAT allows depreciation on goodwill from Jet Airways slump sale citing SC precedent, but remits quantum calculation to AO for AY 2015-16.
During the assessment proceedings, it was observed that the assessee sold two trademarks “Coldarin” and “Raricap”. The gains accrued on the transfer of both these capital assets gave rise to income chargeable to tax under the head “Capital Gains”.
ITAT Mumbai overturns Rs. 33 lakh addition under Section 69 in Aarti Sudarshan Soni vs. ITO, citing lack of evidence for alleged on-money property payment.
ITAT held that the Allotment of New Flat did not fall within the scope of Section 56(2)(x), as the new flat was received in exchange for the old one and not as a gift or at inadequate consideration.
ITAT Mumbai held that change of method of accounting from mercantile to cash system for recording interest income on loan due to financial distress at the end of borrower is justifiable and legitimate.
ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under section 115BBC(2) and hence anonymous donations received is not liable to be taxed under section 115BBC of the Income Tax Act.
