ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale consideration and stamp duty valuation.
In DCIT Vs Nilesh Shantilal Tank case, Mumbai ITAT confirms 12.5% gross profit margin on alleged bogus purchases as sales remain undisputed. Full text of the order included.
Mumbai ITAT’s ruling in Vijay Suresh Dave Vs DCIT regarding addition of unexplained cash credit u/s 68. Detailed analysis of the case and conclusions.
Mumbai ITAT ruling exempts notional interest credited as per accounting standards from taxation, citing real income principle. Details of ACIT vs Kesar Terminals and Infrastructure Ltd.
ITAT considered the justification provided by the assessee, which referenced KITCO and Reuters databases for determining transaction prices. However, the Transfer Pricing Officer (TPO) argued that the London Bullion Market Association (LBMA) should be the primary source for estimating bullion trading prices.
ITAT held that if sales are not disputed and there is no discrepancy between purchases and declared sales, addition should be restricted to bring gross profit on alleged bogus purchases in line with other genuine purchases.
ACIT Vs Merchant Agri Global Private Limited – Detailed analysis of Mumbai ITAT’s decision regarding adhoc disallowance of expenses without rejecting books of account. Full text of the order provided.
Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income Tax Appellate Tribunal (ITAT) Mumbai revolves around the taxation of long-term capital gains (LTCG) from penny stock transactions, specifically involving shares of Essar (India) Ltd. The central question is whether the assessee […]
Assessee had issued share application money and subsequently allotted shares which showed that the transactions were genuine and there was no material brought on record by tax authorities that the assessee had benefited from round-tripping, therefore, ITAT had deleted the addition made u/s 68.
ITAT found that the original Form 35A was filed within the stipulated time and ruled that the correction made thereafter should not be considered late.
