Tag: ITAT Mumbai
Uncorroborated WhatsApp message, in the absence of any independent supporting evidence, cannot constitute a valid basis for initiating proceedings under section 153C of the Act – ITAT In a recent judgment, ITAT Mumbai deleted addition under section 69A of the Act on account of alleged cash received over …
Addition u/s 68 deleted as identity of loan givers established and assessee was not beneficiary as loan was repaid in subsequent year. In a recent judgment ITAT Mumbai deleted addition under section 68 as the assessee had furnished requisite material showing identity of loan givers and assessee was …
No disallowance u/s 40(a)(ia) can be made merely for not e-filing form 26A which is a procedural lapse. In a recent judgment, ITAT Mumbai has held that no disallowance u/s 40(a)(ia) can be made merely for not e-filing form 26A which is a procedural lapse. ABCAUS Case Law …
Bank certificate stating that fixed deposits did not pertain to the assessee, despite PAN of assessee used, the onus casted upon the assessee stood discharged – ITAT In a recent judgment ITAT Mumbai deleted addition u/s 69A observing that once the bank issued a certificate stating that the …
No capital gain tax on flat transferred as nominee. The assessee did not inherit the property as owner but as nominee of all legal heirs – ITAT In a recent judgment, ITAT Mumbai has held that there could not be capital gain tax on flat transferred as nominee …
DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement. This was held by ITAT Mumbai in its recent judgment as under: Case Law Details: ITA No. 5133/Mum/2014 Assessment Year : 2009-10 Dy. Commissioner of Income Tax vs. M/s Shree Aditya …
Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return. This was ruled by ITAT Mumbai in a recent judgment as under. Case Law Details: ITA No. 5977/Mum/2013 Assessment Year : 2010-11 …
ITAT, Mumbai in a recent judgment has held that for determination of Annual Value of House property, u/s 23(1), whether the residential property (flat) was habitable or not was a question of fact that can be determined only after appreciation of evidences and remanded the case back to AO. Case Law Details: …
ITAT Mumbai, in a recent case has stated that demolition/destruction of house not necessarily results in transfer u/s 2(47) by extinguishment of rights in a capital assets for capital gain purpose. Case Law Details: I.T.A. No. 6169/Mum/2013 Assessment Year : 2007-08 Dilip Manhar Parekh vs. Dy. Commissioner of …
In a recent judgment, ITAT Mumbai has opined that merely because an income has been taxed in the hands of recipient , does not mean that it is a deductible expenditure in the hands of the person making the payment instead the deduction is required to be examined …
