ITO Vs Shivsahyadri Sahakari Pathpedhi (ITAT Mumbai) – Credit co-operative society investments in co-operative bank claimed as allowable u/s. 80P(2) because co-operative banks are also registered under co-operative society
ITAT remits the case of Rahul Kumar Singh to the AO after the assessee’s failure to respond to notices, directing the inclusion of new evidence submitted by the appellant.
The ITAT Mumbai dismissed the Revenue’s plea on Section 14A disallowance, ruling that the amendment introduced in Finance Act 2022 is not retrospective.
ITAT Mumbai held that addition towards bogus purchases unwarranted as GP rate on sale of alleged bogus purchases is more than the GP rate of other purchases. Accordingly, appeal allowed the addition deleted.
ITAT Mumbai allows Bhaskar Shah’s appeal on claiming Section 54F deduction for a triplex flat treated as a single residential unit. Key details of the ruling inside.
In the matter abovementioned ITAT remanded back the matter to CIT (A) after observing that assessee was not able to attend the hearing before CIT (A) due to mismanagement of its state of affair.
ITAT Mumbai quashes penalties under Section 271(1)(c) for three assessees due to defective notices and debatable issues in light of Bombay High Court precedents.
ITAT Mumbai upholds CIT(A)’s decision favoring Jay Bharat Mehta, rejecting unexplained cash credit addition and affirming Section 54F deduction eligibility.
ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee discharged initial onus by proving identity, creditworthiness and genuineness of transaction. Accordingly, appeal allowed.
ITAT Mumbai held that disallowance of claim of exemption u/s. 10(38) on alleged bogus LTCG untenable since disallowance is based on general report of the investigation wing. Thus, addition u/s. 68 deleted due to lack of adequate evidence disallowance set aside.
