ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual misconception is liable to be quashed. Accordingly, appeal allowed and order u/s. 263 quashed.
In pursuance of search, notice u/s.153A was issued and in response, assessee also filed its return of income. AO noted that assessee had taken loan from four parties during the years under consideration.
Assessee had strongly contended that he was unaware of who Shri Kaustubh Latke and Shri Shailesh Patil are, since they were not connected with him or Rucha Group.
ITAT Mumbai remands Saffron INC’s case to CIT(A) after finding that the delay condonation request under Section 249(3) was not considered.
ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue’s appeal. Read full case details.
ITAT Mumbai rules in favor of Ramesh Rikhavdas Shah, rejecting AO’s additions on alleged penny stock transactions and commission expenses for AYs 2014-15, 2015-16.
ITAT Mumbai partly allows HDFC Life’s appeal, addressing taxability of life insurance profits, shareholder account transfers, and Section 14A disallowances.
ITAT Mumbai deletes surcharge on Lintas Employees Trust, ruling that surcharge applies only if income exceeds ₹50 lakh. Read case details and legal findings.
ITAT Mumbai ruled in favor of Ujjwal Business Trust, deleting surcharge levied by CPC on income below ₹50 lakh. Read the case summary and key legal findings.
ITAT Mumbai held that the receipt from parking facilities is to be treated as business income instead of income from other sources since the same was already accepted as business income in earlier assessment years.
