ITAT Mumbai Judgments, Orders & News | Income Tax Appellate Tribunal

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ITAT Mumbai

Explore the latest ITAT Mumbai judgments, orders, and appellate decisions on direct tax matters from the Mumbai bench of the Income Tax Appellate Tribunal

Nationalized Banks now liable for Minimum Alternate Tax after 2012 Income Tax Amendment: ITAT [Read Order]

Varda Marakkar

In a significant ruling, the Special bench of Income Tax Appellate Tribunal ( ITAT ) of Mumbai held that nationalized banks are liable for Minimum...

S. 115JB(2)(b) not Applicable to Union Bank Due to Non-Company Status under Companies Act, Despite...

Relief to IDBI: ITAT Rules Bank Entitled to Full Refund Interest u/s 244A of Income Tax Act [Read...

Mere Claim does not constitute Furnishing of Inaccurate Particulars for being Unsustainable: ITAT...

ITAT Weekly Round Up

Receipt of ‘On-Money' Received from Sale of Flats cannot be Taxed: ITAT deletes Addition [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that the receipt of 'on-money' from the sale of flats cannot be taxed, leading to the deletion of the addition. A search...

Relief to Bank of Bahrain & Kuwait: ITAT Allows Deduction from Book Profit for Withdrawn Reserves Credited to P&L Account u/s 115JB [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has provided relief to the Bank of Bahrain & Kuwait by ruling that when reserves or provisions are created in a year where the...

ITAT quashes Income Tax Notice & Order issued by AO u/s 148 without Jurisdiction [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Bench, Mumbai quashed the Income Tax Notice and Order issued by the Assessing Officer (AO) under section 148 of the Income Tax Act, 1961 without...

Date of Sale/Transfer of Shares included in Holding Period Calculation for Capital Gain: ITAT upholds CIT(A) Decision [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] decision regarding determining capital gains. The tribunal confirmed the...

Gift From NRI Relative Not Taxable as Income if Genuineness is Proved: ITAT [Read Order]

In a recent case, the Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) held that a gift received from a Non-Resident Indian ( NRI ) relative is not chargeable to income tax if genuineness is...

PCIT fails to Assume Jurisdiction u/s 263 as Assessment order issued in Name of Non-Existent Entity: ITAT sets aside Order [Read Order]

The two-member bench of the Income Tax Appellate Tribunal ( ITAT ) in Mumbai set aside the order, ruling that the Principal Commissioner of Income Tax ( PCIT ) failed to assume jurisdiction under...

ITAT directs AO to deletes addition of 3.92 Lakhs if Market Value difference is within 10% Tolerance limit [Read Order]

In the case of Tarun Mohan Jani vs ACIT, the Income Tax Appellate Tribunal ( ITAT ) Mumbai ruled in favor of the appellant, granting him relief from an addition of ₹3, 92,000 made under Section 56(2)...

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