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ITAT Mumbai

NRI’s Property Investment Explained with Bank Statements and Agreements: ITAT Quashes Addition Due to Jurisdictional Error

Franklin Joshva

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has set aside an assessment order adding Rs. 69.99 lakh as unexplained investment...

Source of Fund of Joint Purchase of Property by Mother and Son Sufficiently Explained: ITAT Deletes...

CSR Contributions Eligible For Deduction as Donations If Conditions Satisfied u/s 80G: ITAT Accepts...

MoU and Bank Records Support Loan Deal and Repayment: ITAT Flags Gaps in AO’s Unexplained Income...

ITAT quashes ₹1.26Cr Addition: No Need to Prove ‘Source of Source’ for Pre-2013 Loans [Read Order]

ITAT permits Inclusion of Five Comparable Companies for Transfer Pricing, quashes Rs. 2.39 Cr Adjustment [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the inclusion of five additional companies as comparables for transfer pricing benchmarking and quashing a transfer pricing...

Hiring of Charter Plane cannot be Treated as a Payment made for Professional or Technical Services: ITAT remands matter [Read Order]

In a recent case, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that hiring a charter plane cannot be treated as a payment made for professional or technical services ...

ITAT Holds 10% Tolerance Limit u/s 56(2)(x) Applicable Retrospectively, Cuts Addition in Property Valuation Case [Read Order]

In a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the enhanced 10% tolerance limit under section 56(2)(x) of the Income Tax Act applies...

ITAT Allows Goregaon Education Society’s Exemption Claim u/s 11 Despite Delay in Filing Forms 9A and 10 obeying CBDT Circular [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently allowed an appeal filed by Goregaon Education Society while observing that the exemption under Section 11 of the Income Tax...

Dividend Paid to IFC Exempt from Dividend Distribution Tax Under Overriding Immunity of IFC Act, 1958: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that dividends paid to the International Finance Corporation (IFC) are exempt from DividendDistribution Tax (DDT) under Section...

Deferred Sales Tax Waiver is Taxable as Business Income Under Section 28(iv) of Income Tax Act: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the waiver of deferred sales tax liability, prepaid at Net Present Value (NPV), constitutes taxable business income under...

ITAT Allows KBS Creations’ Appeal, Rules No Transfer Pricing Adjustment Without Proved ‘Arrangement’ Under Section 80IA(10) [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has set aside a transfer pricing (TP) adjustment of Rs. 10.98 crore and ruled that the Assessing Officer (AO) failed to establish an...