Analysis of Leelaben Kantilal Parekh Vs ITO (ITAT Mumbai) case discussing the validity of a reopening notice under section 148 and addition under section 69C for bogus purchases.
ITAT Mumbai held that initiation of reassessment proceedings on account of change of opinion formed on re-appraisal of the facts already on record and examined during the regular assessment proceedings is liable to be quashed.
ITAT Mumbai held that non-response to notice u/s. 133(6) of the Income Tax Act by some parties that does not prove that the entire transactions are bogus especially when all other documents to prove the identity and creditworthiness of the parties have been submitted
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ITAT Mumbai held that consideration for sale distribution or exhibition of cinematographic films would not fall under the domain of “Royalty” and accordingly TDS not deductible on the same.
ITAT Mumbai held that as ownership of property lies with the developer on the day of ‘agreement of sale’, sale consideration is taxable under capital gains in the hand of developer and not in the hands of assessee.
ITAT Mumbai held that determination of Annual Let Out Value (ALV) of unsold flats held as stock-in-trade is not sustainable in law. Accordingly, addition of ALV of unsold flats deleted.
ITAT Mumbai rejected the transfer pricing adjustment as margin which has been determined falls within the tolerance limit of +/- 5% as provided in proviso to Section 92CA of the Income Tax Act.
