ITAT Mumbai rules Sec 68 invoked only if taxpayer can’t explain credits in books, highlighting the importance of genuine transactions for AY 2011-12, 2012-13.
Mumbai ITAT rules in favor of Speco Infrastructure, maintaining deletions of tax additions by appellate authority in a reasoned order for AY 2013-14.
Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not amount to furnishing inaccurate particulars.
ITAT Mumbai held that the activity of the trust for publishing advertising in the newspaper is intrinsically linked for newspaper activity falls within the ambit of sub-clause (i) of Subsection 2(15) and conditions imposed in sub-clause (ii) of the proviso has to be fulfilled.
In light of ongoing NCLT insolvency proceedings, ITAT Mumbai orders Jet Airways to contribute Rs 25,000 to the Prime Minister Relief Fund, emphasizing the importance of compliance.
Mumbai ITAT decision clarifies that no addition under Section 69 I-T Act is justified once the source of investment is proven, setting a precedent.
Mumbai ITAT reiterates Sec 50C(1) as a measure against tax evasion by undervaluing property sales, emphasizing its retrospective application.
Explore ITAT Mumbai’s interpretation on Section 80P(2)(d) deductions for Co-Op Societies on interest income from co-op banks, setting a precedent for future tax assessments.
In the case of Reliance Power Ltd vs. DCIT, Mumbai ITAT’s ruling clarifies disallowance under Section 14A of the Income Tax Act, emphasizing that investments yielding exempt income should be considered for disallowance.
In the case of Rajesh Lakhmshi Nisar Vs ITO, Mumbai ITAT admitted additional evidence, emphasizing taxpayers shouldn’t be penalized for not submitting material evidence.
