ITAT Mumbai grants relief to Tarun Mohan Jani, ruling that property valuation difference within 10% tolerance limit doesn’t warrant addition under Section 56(2)(x).
ITAT Mumbai held that penalty u/s. 271(1)(c) of the Income Tax Act not imposable in absence of wilful intention on the part of the assessee to conceal income since all the errors in original return was rectified vide revised return.
ITAT’s jurisdiction in ACIT Vs Bank of Baroda case is determined by the location of the Assessing Officer. Appeals should be filed where the original assessment was made.
ITAT Mumbai held that disallowance made by the CPC u/s. 143(1)(a) of the Income Tax Act on the claim of deduction u/s. 80P of the Income Tax Act is beyond the scope of adjustment u/s. 143(1) accordingly the adjustment is deleted.
ITAT Mumbai cancels ₹1 lakh penalty imposed on Sameer Mavji Patel under Section 271B for delayed tax audit report, citing reasonable cause due to survey delays.
ITAT Mumbai held that addition in respect of sale proceeds received for sale of shares on the stock exchange (BSE) as unexplained cash credit under section 68 of the Income Tax Act unjustified.
ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement registration date.
ITAT Mumbai held that passing of assessment order u/s. 144/147 making addition of alleged bogus purchase which is already added vide assessment order passed u/s. 143(3)/147 and has attained finality is unsustainable and liable to be quashed.
ITAT Mumbai held that no transfer pricing adjustment could have been made in the hands of assessee on account of ALP of specified domestic transactions as section 92BA(i) of Income Tax Act was omitted. Thus, since provisions of section 92D are not applicable, penalty u/s. 271G of the Income Tax Act untenable.
ITAT Mumbai held that provisions of section 56(2)(x) of the Income Tax Act does not apply to developer who has taken over the possession of lawn or building or both for the purpose of the development.
