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ITAT Mumbai Rules Bank and Demat Verification Crucial in Penny Stock Cases
ITAT Mumbai holds that the penny stock label cannot substitute proper bank and demat verification, admitting fresh evidence under Rule 29.
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WhatsApp Chats Alone Insufficient for Income Tax Additions ITAT Mumbai
ITAT Mumbai rules that WhatsApp chats cannot solely justify tax additions under sections 69A and 69C without proper verification.
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ITAT Mumbai Rules in Favor of Assessee on Bad Debts and Interest Additions
Explore the recent ITAT Mumbai ruling that deleted cash-loan interest additions and allowed bad debts, dismissing the Revenue appeal.
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ITAT Excuses 308-Day Filing Lag and Restores CPC Adjustment Appeal
Discover how the Bangalore ITAT condoned a 308-day delay due to pandemic pressures, successfully reviving a taxpayer appeal concerning PF and ESI disallowances.
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Tax Audit Mistakes: Essential Thresholds and Compliance Rules
Avoid common tax audit errors by understanding key financial thresholds, turnover limits, presumptive taxation, and cash transaction rules.
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ITAT Remands INR 99.38 Lakh Tax Appeal for Section 249(4)(b) Examination
The Mumbai ITAT restores a tax appeal involving an INR 99.38 lakh addition, directing the CIT(A) to first examine compliance under section 249(4)(b).
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ITAT Remands Rs 1.30 Crore Loan Addition Case for Fresh Verification
Learn how the ITAT Mumbai admitted new evidence regarding a Rs 1.30 crore loan addition under Section 68 and remanded the matter for re-evaluation.
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Assured-Margin Model and Double Transfer Pricing Adjustments in Income Tax
Explore how the ITAT Mumbai addressed nil valuation of real services, preventing double transfer pricing adjustments in income tax proceedings.
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Low Income Does Not Equal Low Creditworthiness Under Section 68
Discover why low returned income does not automatically prove lack of creditworthiness under Section 68 based on recent appellate tribunal rulings.
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MEIS Rewards Taxable as Revenue Receipts from AY 2016-17 Says ITAT Mumbai
ITAT Mumbai Special Bench rules that MEIS rewards are taxable as revenue receipts under Section 2(24)(xviii) starting from assessment year 2016-17.