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Sanjay Shantilal Dave v. Assessment Unit, Income Tax Department (ITAT Mumbai)
ITAT Mumbai: Notice under section 148 of the Act issued after three years from the end of the assessment year is bad in law if the sanction has been obtained from PCIT instead of the PCCIT. Read More ...
K. A. Investments Consultancy LLP v. ITO (ITAT Mumbai)
Mumbai Tribunal : S. 147 : Reassessment-With in four years-Change of opinion-Survey- Penny stock-Alleged bogus business loss- AO had specifically examined the assessee’s loss in shares of Shree Nath Commercial and Finance Ltd-Reopening was subsequently based on the very same survey material, Kolkata Investigation Wing report on penny stocks, and the same disclosed transactions, the reopening was invalid… Read More ...
ITO v. Varun Jaisingh Asher (ITAT Mumbai)
Mumbai Tribunal : S. 54F : Capital gains-Investment in a residential house-Tenancy rights-Redevelopment-Income from other sources-Flat received on surrender of tenancy rights-Not taxable u/s. 56(2)(x)- Exemption u/s 54F allowable. [S. 2(14), 2(47), 45, 56(2)(x)] The assessee claimed exemption u/s 54F in respect of a flat received from the developer on surrender of tenancy rights in a redevelopment project.… Read More ...
PCIT v. SKF India Ltd. (Bombay High Court)
Bombay High Court: S. 50 : Capital gains - Depreciable assets - Block of assets -Rate of tax -Rate of tax of would be in terms of section 112 at rate of 20 per cent- Writ petition against order of ITAT Special Bench, SKF India Ltd v. Dy. CIT (2025) 210 ITD 1 / 121 ITR 307 (SB)(Mum)(Trib.)-Alternative… Read More ...
Shreyas Naynesh Modi v. ITO
Mumbai Tribunal : S. 56 : Income from other sources-Immovable property-Stamp duty valuation-Reference to DVO-Safe harbour tolerance band-Once DVO value substitutes stamp duty value, tolerance limit of 10% applies also with reference to DVO valuation-Amendment held curative/beneficial-Addition deleted when difference between consideration and DVO value was only 6.09%. [S. 50C, 55A, 56(2)(x), 143(3)] The assessee purchased a flat… Read More ...
Shilpa Shetty Kundra v. DCIT
Mumbai Tribunal : S. 68 : Cash credits-Gift from spouse-Mere filing of gift deed, PAN and ITR acknowledgment of donor not sufficient-In absence of bank statements, clear trail of funds, source of donor and correlation of remittance, assessee failed to fully discharge primary onus-Matter restored to Assessing Officer for de novo verification-Appeal allowed for statistical purposes. [S. 56(2)(x),… Read More ...
Dazzler Confectionery Company Pvt Ltd v. ITO (ITAT Mumbai)
ITAT Mumbai: If the penalty notice does not strike off the irrelevant portion viz. concealment or furnishing inaccurate particulars, the notice is bad in law and the penalty is liable to be deleted. The ITAT has considered the judgement of the Bombay High Court in the case of Veena Estate (P) Ltd. vs. CIT [2024] 158 taxmann.com… Read More ...
Combine Diamonds Pvt Ltd v. ACIT (ITAT Mumbai)
ITAT Mumbai: If the AO proceeds with the assessment by issuing notices u/s 142(1) & 143(2) of the IT Act before providing the ‘recorded reasons’ and before disposing of assessee’s objections to the ‘recorded reasons’, the same is a violation of the guidelines laid down by the Supreme Court in the case of GKN Driveshafts (India) Ltd.… Read More ...
The Chamber of Tax Consultants & Ors. v. CIT (E) (Bombay High Court)
Bombay High Court: S. 12AB : Procedure for fresh registration-Registration of charitable trust-Renewal-Absence of irrevocability clause / dissolution clause in trust deed-Rejection of Form No. 10AB on ground that trust deed did not contain express clause that trust was irrevocable and that answering “Yes” in Row 6 amounted to furnishing false / incorrect information-Not justified-Public charitable trust registered… Read More ...
Sangeeta Sunil Kadoo v. ITO (ITAT Nagpur)
NAGPUR TRIBUNAL : S. 69 : Unexplained investment – Reassessment – Purchase of property – AIR information – Addition for investment of Rs. 10 lakh deleted as documentary evidence showed payment related to relevant year – Addition of Rs. 40.95 lakh for property purchase deleted as assessee explained source through sale deed, housing loan of Rs. 20 lakh… Read More ...