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ITAT Mumbai

ITAT follows principle of consistency; Restricts addition for Bogus Purchase to 3% 

July 9, 2024 1512 Views 0 comment Print

Explore the detailed ITAT Mumbai order on Trustar Diamonds appeal against ACIT for A.Y. 2012-13, addressing alleged bogus purchases in the diamond industry.

ITAT deletes addition made by CIT(A) without adequate justification 

July 9, 2024 816 Views 0 comment Print

Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessment details and implications.

Dividend on Donated Shares to Corpus Fund Not Income from Other Sources

July 9, 2024 1326 Views 0 comment Print

Explore ITAT Delhi’s ruling on dividend income exemption under section 11 of IT Act 1961. Detailed analysis of judgment against Revenue appeal for AY 2021-22.

Capital Gain cannot be treated as Bogus without any concrete evidence

July 9, 2024 1443 Views 0 comment Print

Explore the case of Shaily Prince Goyal vs ITO (ITAT Mumbai) regarding cash credits from penny stock sales. Detailed analysis of Section 10(38), 45, and 69C under Income Tax Act, 1961.

Change in Law or Judgment by Larger Bench Not Grounds for Review

July 9, 2024 1431 Views 0 comment Print

Tribunal’s order cannot be recalled based on subsequent judgments, citing DCIT Vs ANI Integrated Services Ltd. Understand implications under Section 254(2) of Income Tax Act.

Gain from Sell of shares of ICL held for over 10 years is Genuine: ITAT Mumbai

July 9, 2024 705 Views 0 comment Print

Read the detailed analysis of Elara India Opportunities Fund Ltd Vs DCIT (ITAT Mumbai) regarding the addition under section 68 of the Income Tax Act on sale of shares of M/s. International Conveyors Ltd.

Gem & jewellery Exhibitions for members benefit not commercial Activity: ITAT allows Section 11 exemption to GJEPC

July 8, 2024 822 Views 0 comment Print

ITAT Mumbai rules on DCIT vs Gem and Jewellery Export Promotion Council case, clarifying exhibition activities are not trade and commerce under Section 2(15) of the IT Act.

Payments Made to Retiring Partners: taxable income Vs. applications of firm income

July 3, 2024 2283 Views 0 comment Print

Explore the ITAT Mumbai’s decision on payments to retiring partners by Deloitte Haskins and Sells LLP. Understand why it’s not considered income under tax law.

Interest from Co-Op Banks Eligible for Section 80P(2)(d) deduction as they are Co-op- Societies: ITAT Mumbai

July 3, 2024 1089 Views 0 comment Print

Explore ITAT Mumbai’s verdict granting deduction under Section 80P(2)(d) to Grand Paradi Co-op Housing Society, clarifying co-op banks as cooperative societies in banking business.

ITAT allows section 11 exemption as payment of Salary & Rent to specified persons was not excessive 

July 2, 2024 1269 Views 0 comment Print

The ITAT Mumbai upholds exemptions for the Catholic Education Society under Section 11 of the Income Tax Act, dismissing the Revenue’s appeal on excessive salary and rent payments.

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