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Penny Stock LTCG Allegations under Section 10(38): ITAT Mumbai Upholds Deletion of Addition in Santosh Vimlesh Mehta Case, (DCIT(CC)-8(3) , MUMBAI VS. SANTOSH VIMLESH MEHTA, MUMBAI)
The Income Tax Appellate Tribunal, Mumbai Bench, adjudicated
the Revenue’s appeal challenging the deletion of an addition made under Section
69A of the Income-tax Act, 1961, in respect of alleged bogus long-term capi...
Vintage Car Not a ‘Personal Effect’ Without Proof of Personal Use: Bombay High Court Upholds Capital Gains Tax – Narendra I. Bhuva v. ACIT
The
Bombay High Court, in Narendra I. Bhuva v. Assistant Commissioner of
Income-tax (Income Tax Appeal No. 681 of 2003), examined whether a vintage
motor car owned by the assessee constituted a “personal effect” e...
Fraudulently Encashed Income-Tax Refunds Taxable as Income from Other Sources: ITAT Ahmedabad – Mukesh Rasiklal Shah v. ACIT
The
Income Tax Appellate Tribunal, Ahmedabad Bench, in Mukesh Rasiklal Shah v.
Assistant Commissioner of Income-tax (ITA Nos. 3217 & 3218/Ahd/2015),
examined whether amounts received by the assessee by fraudulentl...
Reassessment Invalid Where No Addition Is Made on Recorded Reasons and Only Section 54F Exemption Is Denied: ITAT Mumbai in Devi Manubhai Shah v. ITO
The Mumbai Bench of the Income Tax Appellate Tribunal
examined the validity of reassessment proceedings initiated under Section 147
of the Income Tax Act, 1961, and the legality of an addition made by denying
exemptio...
CIT(A) Cannot Direct Reassessment under Section 147 After Quashing Section 153A Assessment: ITAT Delhi in Best Bull Stock Trading Pvt. Ltd. v. ACIT
The
Income Tax Appellate Tribunal, Delhi Bench, allowed the appeals filed by the
assessee and held that the Commissioner of Income Tax (Appeals) exceeded his
jurisdiction in directing the Assessing Officer to initiate...
Taxability of Crowdfunded Donations under Section 56(2)(x) and Validity of Proceedings under Section 175 – Rana Ayyub Shaikh v. DCIT (ITAT Mumbai)
The
Income Tax Appellate Tribunal, Mumbai Bench, in Ms. Rana Ayyub Shaikh v.
Deputy Commissioner of Income-tax (ITA Nos. 2281, 2282 &
2283/Mum/2023), examined the taxability of amounts received through
crowdfundi...
Income Declared Under Income Disclosure Scheme, 2016 Cannot Be Taxed Again – ITAT Mumbai in Jankalyan Nagari Sahakari Patsanstha Case, JANKALYAN NAGARI SAHAKARI PATSANSTHA MAR SHAHAPUR,SHAHAPUR VS. DCIT CIRCLE 1, KALYAN
The assessee, a co-operative credit
society, had not originally filed its return of income for the relevant
assessment year. Based on information available regarding substantial cash and
deposit transactions, the Asse...
Power of Attorney and Agreement to Sell Do Not Convey Title or Survive Death of Principal: Supreme Court Reaffirms Law – M. S. Ananthamurthy v. J. Manjula
The
Supreme Court of India, in M. S. Ananthamurthy & Anr. v. J. Manjula
& Ors. (Civil Appeal Nos. 3266–3267 of 2025), examined the legal effect
of a General Power of Attorney (GPA) and an unregistered agreem...
Reduction of Share Capital Results in Transfer under Section 2(47): Supreme Court Upholds Capital Loss – Jupiter Capital (P.) Ltd. v. PCIT
The
Supreme Court of India, in Jupiter Capital (P.) Ltd. v. Principal
Commissioner of Income-tax (2025 INSC 38), examined whether reduction of
share capital of a subsidiary company resulting in proportionate reduction...
Reassessment Not Invalid Where Original Escapement Issue Is Voluntarily Offered; Other Issues Can Be Examined: ITAT Mumbai in Kalpana Nitin Shah v. ITO
The Mumbai Bench of the Income Tax Appellate Tribunal
examined the validity of reassessment proceedings initiated under Section 147
of the Income Tax Act, 1961, and the legality of an addition made on account of
inter...