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Mumbai ITAT Quashes Section 271AA Penalty on Posco Holdings Inc.; Restricts CIT(A) from Expanding Penalty Scope to Unexamined Transactions
Posco Holdings Inc Vs DCIT
(2026) TaxCorp(LJ) 38268 (ITAT-MUMBAI) · Section 271AA
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Mumbai ITAT Declares Interest Earned on Nostro Accounts and Intra-Bank Placements as Non-Taxable for Barclays Bank PLC; Clarifies Scope of Section 9(1)(v)(c) on Overseas Interest
Barclays Bank PLC Vs Addl. CIT
(2026) TaxCorp(LJ) 38263 (ITAT-MUMBAI)
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Borrowed Services from McKinsey & Company Lme Not Taxable as FTS or Business Profits in Absence of Permanent Establishment under India-UK DTAA
Mckinsey & Company Lme Limited Vs Assistant Commissioner of Income Tax
(2026) TaxCorp(LJ) 38255 (ITAT-MUMBAI)
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Mumbai ITAT Deletes Section 69A Addition for Demonetisation Cash Deposit, Accepts Milk Sales and Opening Cash as Legitimate Source
Pushpavati Janardhan Rao Vs Income Tax Officer
(2026) TaxCorp(LJ) 38251 (ITAT-MUMBAI) · Section 69A
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ITAT Mumbai Affirms Allowability of Business Expenditure Despite Erroneous Classification; Disallows Selective Section 145A Adjustment on Excise Duty in Siemens Limited Case
Siemens Limited Vs DCIT
(2026) TaxCorp(LJ) 38250 (ITAT-MUMBAI) · Section 145A
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Mumbai ITAT Disallows Section 68 Addition: No Fresh Cash Infusion in Group Cheque Rotation; Double Taxation Barred on Settled Accommodation Entry
Madhuban Motors Private Limited Vs The ACIT
(2026) TaxCorp(LJ) 38248 (ITAT-MUMBAI) · Section 68
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Mumbai ITAT Overturns CIT(E)’s Denial of Section 12AB Registration: Delay in Form No. 10AB and Memorandum Amendments Not Sufficient Grounds
Inspira Global Foundation Vs CIT(Exemptions)
(2026) TaxCorp(LJ) 38239 (ITAT-MUMBAI)
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Mumbai ITAT Confirms Section 54 Exemption for Investment in Under-Construction Flat Despite Non-Receipt of Possession Due to Builder Delay
Vaibhav Vijay Sawant Vs Income Tax Officer
(2026) TaxCorp(LJ) 38230 (ITAT-MUMBAI) · Section 54
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Mumbai ITAT Recognizes Toll Collection Concession as Intangible Asset, Permits Depreciation under Section 32(1)(ii)
Jorabat Shillong Expressway Vs Dy.CIT
(2026) TaxCorp(LJ) 38222 (ITAT-MUMBAI) · Section 32(1)(ii)
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Mumbai ITAT Rules in Favour of Assessee: Addition under Section 57(iii) Disallowed as Entire Borrowed Funds Were Utilized for Generating Taxable Interest Income
Sachin Lalit Bajla Vs Income Tax Officer
(2026) TaxCorp(LJ) 38219 (ITAT-MUMBAI) · Section 57(iii)
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Mumbai ITAT Nullifies Section 200A Demand for Short TDS Deduction Linked to Seller’s PAN Inoperability, Citing Timely PAN Regularization and Tax Payment by Seller
Bela Rohit Shah Vs Asst. Commissioner of Income Tax
(2026) TaxCorp(LJ) 38206 (ITAT-MUMBAI) · Section 206AA
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Mumbai ITAT Rules Stamp Duty Valuation Alone Insufficient to Invoke Section 69B for Undisclosed Investment Against Company-Purchaser
Yellow Banana Food Company Private Limited Vs Deputy Commissioner of Income Tax
(2026) TaxCorp(LJ) 38202 (ITAT-MUMBAI) · Section 69B
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Mumbai ITAT Affirms SEBI-Registered VCF’s Entitlement to Multiple Section 10 Exemptions on Distinct Income Streams
India Infrastructure Fund Vs ITO
(2026) TaxCorp(LJ) 38200 (ITAT-MUMBAI) · Section 10(23FB), 10(34)
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Mumbai ITAT Rules Rs 50 Lakh Development Rights Payment as Capital Gains, Not “Other Sources”; Section 50C Inapplicable in Absence of Land Transfer
Sherlyn Dias (Legal heir of Late Mrs. Dorothy Lawrence Pereira) Vs ITO
(2026) TaxCorp(LJ) 38198 (ITAT-MUMBAI)
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Mumbai ITAT Allows Full Deduction for NBFC’s Debenture Issue Expenses Under Section 37(1); Disallows Amortisation Under Section 35D
Nuvama Wealth Finance Limited Vs Deputy Commissioner of Income Tax
(2026) TaxCorp(LJ) 38196 (ITAT-MUMBAI)
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Mumbai ITAT Affirms Allowability of Business Development Expenses and Depreciation on Director-Registered Vehicles in Absence of Contradictory Evidence
Riverside Industries Private Limited Vs DCIT
(2026) TaxCorp(LJ) 38191 (ITAT-MUMBAI)
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Mumbai ITAT Rules Repayment of Business Liabilities Not Taxable as Unexplained Expenditure under Section 69C in Absence of Actual Outflow or P&L Deduction
M.A. Trading Products Vs ITO
(2026) TaxCorp(LJ) 38190 (ITAT-MUMBAI) · Section 69C
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Mumbai ITAT Rules Ex-Gratia Severance from Employer’s India Exit as Non-Taxable Capital Receipt, Not ‘Profits in Lieu of Salary’
Swati Sameer Joshi Vs Income Tax Officer
(2026) TaxCorp(LJ) 38189 (ITAT-MUMBAI)
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Mumbai ITAT Upholds CPC’s Power to Adjust Return Based on Tax Audit Report under Section 143(1)(a)(iv), But Strikes Down Mechanical Section 14A Disallowance Absent AO’s Dissatisfaction
Parle Biscuits Pvt. Ltd Vs Dy. Commissioner Income Tax
(2026) TaxCorp(LJ) 38188 (ITAT-MUMBAI) · Section 14A
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ITAT Mumbai Remands Share Capital Addition Under Section 68: CIT(A) Faulted for Not Inquiring Creditworthiness and Genuineness Despite AO’s Detailed Findings in High-Premium Share Allotment
Giri Prime Housing Properties Private Limited Vs Dy. Commissioner of Income Tax
(2026) TaxCorp(LJ) 38187 (ITAT-MUMBAI) · Section 68
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