ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit sustained as identity and creditworthiness of the parties and genuineness of the transaction not proved.
ITAT Mumbai held that no penalty leviable on account of disallowance u/s 14A of the Act when disallowance has been made on estimate basis and return of income was filed prior to insertion of section 14A of the Act.
ITAT Mumbai held that deduction under section 80P(2)(d) is allowable on the entire interest income received by the assessee from the Co-operative bank which includes the amount credited to the balance sheet.
ITAT Mumbai held that when appellant objects to the adoption of stamp duty value in terms of section 50C(1) of the Income Tax Act as full value of consideration, AO is under obligation to refer the matter to the valuation officer under section 50C(2) of the Income Tax Act.
ITAT Mumbai held that reassessment proceedings u/s 148 within limitation period specified under section 149(1) of the Income Tax Act is valid and sustainable in law.
Detailed analysis of recent ITAT Mumbai case, Narayan Devarajan Iyengar Vs ITO, where question of taxability of rent for alternative accommodation and hardship allowance was deliberated.
On appeal, the Tribunal concluded that the assessee could deviate from the earlier selected Most Appropriate Method if the new method was more in line with the applicable provisions.
ITAT directs re-adjudication of penalty imposed under section 270A of the IT Act for misreporting of income without the application of mind.
ITAT Mumbai held that addition towards bogus purchases unsustainable if the alleged bogus purchases show gross profit higher than the regular gross profit.
ITAT Mumbai held that that the joint ownership of the property would not stand in the way of claiming exemption under Section 54F of the Income Tax Act.
