Review of ITAT Mumbai’s ruling in Kamlesh Vasant Nerkar Vs CIT, emphasizing the need for AO to recognize income that has been adequately explained by the taxpayer.
ITAT Mumbai held that interest paid on housing loan borrowed for purchase of flat is not allowable as cost of acquisition.
ITAT Mumbai held that revisionary powers under section 263 of the Income Tax Act rightly invoked by PCIT as order of assessing officer is erroneous and prejudicial to the interest of revenue.
ITAT Mumbai held that addition towards unexplained and undisclosed income sustained as assessee itself claim payment of cash in the civil suit and failed to explain the source of the cash payment.
In present facts of the case, it was observed by the Tribunal that only Assessee could sign Form number 35A prescribed under Income Tax (Dispute Resolution Panel) Rules, 2009.
ITAT Mumbai decides on the applicability of penalties under Section 271(1)(c) after disclosing concealed income under the IDS scheme.
Mohanlal S. Gachi’s case in ITAT Mumbai revisited due to communication errors between assessee & tax consultant. Learn more about the adjudication process.
Analysis of Royal Bombay Yacht Club vs. ITO case where ITAT Mumbai rules that unawareness of the assessee towards the new faceless system cannot be a reason for a significant addition. Full text of ITAT order included.
ITAT Mumbai’s ruling in Spark44 vs. ACIT case highlights failure to consider India UK DTAA provisions for tax deduction on FTS. Analysis and conclusion included.
ITAT Mumbai decides on Kalyan Riverside Charitable Foundation’s registration under sections 12 & 80G. Key insights on the ITAT’s decision and implications.
