Assessee, being a charitable trust registered under Section 12A, was entitled to exemption under Sections 10(34) and 10(35) for dividend and mutual fund income therefore, denial of exemption by invoking Sections 13(1)(d) and 13(2)(h) was unjustified
The ITAT Mumbai remanded a ₹50 lakh addition case after finding that a business loan was omitted from audited accounts and required further verification.
Tribunal held that notional rent on unsold flats treated as stock-in-trade cannot be taxed under Income from House Property. The ruling clarifies that only actual rental income or sale proceeds are taxable, protecting developers from arbitrary assessments.
Tribunal held that tax authorities erred in invoking Article 24A to deny capital gains exemption under Article 13(4A) without first satisfying preconditions of economic substance. The decision underscores that anti-abuse provisions cannot override bona fide investments made before 2017.
ITAT Mumbai held that benefit under section 115BAA of the Income Tax Act cannot be denied for inadvertent filing of Form 10-IB in place of Form 10-IC since the same is technical lapse. Accordingly, order of CIT(A) is sustained and appeal of revenue is dismissed.
ITAT Mumbai held that revisionary proceeding under section 263 of the Income Tax Act is liable to be quashed since AO took one of the possible views while allowing claim of deduction under section 54F. Accordingly, order is quashed and appeal is allowed.
ITAT Mumbai set aside CIT(A)’s order for lack of compliance with Rule 46A in a case involving alleged bogus penny stock transactions under Aarya Global Shares.
The ITAT Mumbai held that income already taxed in the hands of a trust cannot be taxed again in the hands of its beneficiary, deleting an addition of ₹1.24 crore.
Disallowance under section 40(a)(ia) and liability under section 201 operated independently, and assessee could not escape TDS liability merely by making a partial disallowance in its return.
ITAT Mumbai held that the Assessing Officer made detailed enquiries before allowing ESOP expenditure, invalidating the PCIT’s revision under section 263.
