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SHOCKING: Itat mumbai - What They Never Told You

Income Tax Dept seized gold, diamonds and silver in a tax search operation from lady’s house and bank locker; she wins case in ITAT Mumbai

How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver items and jewellery kept in house and bank locker

The Economic Times

Employee showed Rs 9.6 lakh EPF interest in ITR by mistake, got income tax notice: He fought and got full relief in ITAT Mumbai

Income Tax Dept sent tax notice for Rs 9.6 lakh EPF interest which employee never received but erroneously shown in ITR as received; he fights and wins case in ITAT Mumbai. This judgement was delivered by Challa Nagendra Prasad, the Judicial Member, and Makarand Vasant Mahadeokar, the Accountant Member of…

The Economic Times

Rs 34.8 lakh difference in price and stamp duty added to husband's income for taxation despite jointly owned property - ITAT Mumbai calls it 'not justified'

A husband and a wife bought a flat jointly for Rs 60 lakh, however, the stamp duty value stood at Rs 94.8 lakh, leading to a difference of Rs 34.8 lakh. The amont was added to the husband's income alone by the tax office, despite him having a lower ownership…

The Economic Times

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Rs 16 lakh cash seized in income tax raid, tax officer calls it unexplained cash; Taxpayer claims it to be family money, he fights and wins the case in ITAT Mumbai

During an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and calls it unexplained cash; he wins case in ITAT Mumbai. Read the article to know how.

The Economic Times

UK based employee sold ESOP worth Rs 26 lakh, declared Rs 1 lakh short-term capital loss, Income Tax dept treated it as unexplained gains; He fights and wins case in ITAT Mumbai

UK-based Indian employee sold 1,540 L&T Infotech shares for Rs 26 lakh which he had acquired through ESOPs, declared Rs 1 lakh short-term capital loss; Tax dept treated it as Rs 29.59 lakh unexplained gains; ITAT Mumbai rules in employee's favour. Read the article to know why.

The Economic Times

Paid Rs 6.5 crore and bought a property with stamp duty value of Rs 8.85 crore, got income tax notice for unexplained investment; He fought back won relief in ITAT

Buyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained property investment u/s 69B; Know how the buyer won case in ITAT Mumbai. Read the article

The Economic Times

Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT Mumbai

Wife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai rules that a property transaction between spouses does not become sham merely because they are related. Know how she won the case in ITAT Mumbai.

The Economic Times

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ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claim

Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent liability; ITAT Mumbai cancels tax notice and rejects tax dept's contention. Know the full details of what happened in this case.

The Economic Times

Reporting perquisite as capital gain in ITR by mistake resulted in Rs 6.63 crore penalty for a salaried employee; ITAT Mumbai granted him relief for this reason

Rs 6.63 crore penalty imposed on salaried employee for reporting perquisite as capital gains in ITR; ITAT Mumbai grants relief, says salaried employees may not be well versed in complex tax provisions. Read the story to know the full details.

The Economic Times

Wife paid Rs 58 lakh from Indian bank a/c, husband paid Rs 80 lakh from UAE bank a/c for property purchase; she gets tax notice for unexplained investment, wins case in ITAT Mumbai for this reason

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange bureau; she got tax notice for unexplained property investment; she fights and wins case in ITAT Mumbai for this reason. Know how…

The Economic Times

Lady with Rs 5.28 lakh income pays no tax despite Rs 1.42 lakh STCG from equities; Know why ITAT Mumbai allowed the Section 87A rebate

Ever since the Income Tax utility has disabled the option to claim Section 87A tax rebate on short term capital gains (STCG) from listed equities in 2024, a flurry of taxpayers from across the country were left with either a tax demand or an uncertain thought. Read to know how…

The Economic Times

Tenant wins tax relief on Rs 38.62 lakh sale of landlord’s property, received for surrendering tenancy rights; know why ITAT Mumbai ruled in his favour

A Mumbai tenant received tax relief after selling a property he obtained for surrendering his tenancy rights. The Income Tax Appellate Tribunal ruled that the fair market value of the surrendered tenancy rights should be considered the cost of acquisition, not nil. This decision significantly reduced the tenant's capital gains…

The Economic Times

Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai

An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of…

The Economic Times

Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced

Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s…

The Economic Times

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The Economic Times

Gave up tenancy, got new flat in redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

A Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Income Tax Appellate Tribunal ruled in his favour. The tribunal stated that the surrender of tenancy rights, the taxable event, had not occurred in the year under…

The Economic Times

Gave up tenancy, got new flat redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT Mumbai

The Economic Times

Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark ruling

Aishwarya Bachchan won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. The tax department denied this. ITAT ruled in her favour, allowing the deduction. The tribunal cited consistency in accepting similar claims and sufficient proof of…

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