ITAT Mumbai held that notice issued u/s. 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb is unsustainable in law. Accordingly, the penalty imposed u/s. 271(1)(c) is not sustainable.
ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approval. Appeal dismissed.
ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence submitted justifying the transaction is totally unlawful and accordingly liable to be set aside.
The assessee is a co–operative credit society, registered under Maharashtra co–operative society Act, 1960 and is engaged in providing credit facilities to those CIDCO employees who are members of credit society.
ITAT Mumbai dismisses income tax additions for AY 2014-15, stating reliance on a generalized report without independent inquiry is insufficient.
ITAT Mumbai dismisses Revenue’s appeal, upholds CIT(A) decision to delete addition of interest income from fixed deposits in Evita Construction Pvt. Ltd. case.
ITAT Mumbai upholds moratorium under IBC, barring legal proceedings against Mercator Ltd during liquidation. Appeals dismissed in limine.
ITAT Mumbai grants relief to Tarun Mohan Jani, ruling that property valuation difference within 10% tolerance limit doesn’t warrant addition under Section 56(2)(x).
ITAT Mumbai held that penalty u/s. 271(1)(c) of the Income Tax Act not imposable in absence of wilful intention on the part of the assessee to conceal income since all the errors in original return was rectified vide revised return.
ITAT’s jurisdiction in ACIT Vs Bank of Baroda case is determined by the location of the Assessing Officer. Appeals should be filed where the original assessment was made.
