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 ...

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 ...

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 ...

By Rahul Hakani, Advocate: Prosecution Provisions – Income Tax Act, 1961 and Income Tax Act, 2025 Read More ...

By Shashi Bekal, Advocate: The Finance Bill, 2026, has proposed amendments to both the Income-tax Act, 1961 (Old Act) and the Income-tax Act, 2025 (New Act). This article will deal with the amendments pertaining to the law on reassessment. Read More ...

By CA Milind Wadhwani: as per article attached Read More ...