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Reassessment Quashed for Procedural Lapses: AO's "Inadvertent" Error Proves Fatal, Abhishek Jayketu Joshi Vs AC CIR-42(2)(1), Mumbai,
Reassessment Quashed for Procedural Lapses: AO's "Inadvertent" Error Proves FatalThe recent ruling of the ITAT Mumbai in ITA No. 5775/Mum/2025 (order dated 13.01.2026) serves as an important precedent for cases involving...
Penalty Under Section 271B Not Leviable Where Reasonable Cause Exists for Delay in Audit Report Filing: ITAT Chennai in Shark Dyeing Mills v. ITO
The Chennai Bench of the Income Tax Appellate Tribunal
examined whether penalty imposed under Section 271B of the Income Tax Act, 1961
for failure to furnish the tax audit report within the prescribed time was
sustain...
MLI Cannot Override India–Ireland DTAA Without Section 90 Notification: ITAT Mumbai on Aircraft Lease Rentals – Sky High Appeal XLIII Leasing Co. Ltd. Vs ITAT Mumbai
The
Income Tax Appellate Tribunal, Mumbai Bench, in Sky High Appeal XLIII
Leasing Company Ltd. v. Assistant Commissioner of Income-tax (International
Tax) and connected appeals, examined the taxability of lease rental...
Non-Compete Fee Is Capital Expenditure but Eligible for Depreciation as Intangible Asset: Supreme Court Settles Law – Sharp Business System v. CIT
The
Supreme Court of India, in Sharp Business System v. Commissioner of
Income-tax and connected appeals, examined the long-standing controversy as
to whether non-compete fee paid by an assessee constitutes revenue or...
Addition Under Section 68 Requires Proper Opportunity and Consideration of Evidence; Matter Remanded on Admission of Additional Evidence: ITAT Chennai in IRIS Realty LLP v. DCIT
The Chennai Bench of the Income Tax Appellate Tribunal
examined the validity of an addition made under Section 68 of the Income Tax
Act, 1961, in respect of share capital introduced by two
directors-cum-shareholders, ...
Gift of Immovable Property from Step Sister Not Taxable under Section 56(2)(vii): ITAT Mumbai – Rabin Arup Mukerjea v. ITO (Intl. Tax)
The
Income Tax Appellate Tribunal, Mumbai Bench, in Rabin Arup Mukerjea v.
Income-tax Officer (International Taxation) (ITA No. 5884/Mum/2024),
examined the taxability under Section 56(2)(vii) of the Income-tax Act, 1...
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...