Browsing Tag

ITAT Mumbai

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The Mumbai ITAT has ruled that a real estate developer cannot be denied a tax deduction merely due to alleged fraud by a recipient trust’s employee, allowing Aakash Value Realty’s ₹1.79 crore claim under Section 35(1)(ii).

ITAT Mumbai Clears Real Estate Developer of Fraud Allegations, Allows ₹1.79 Crore Tax Deduction

The Mumbai ITAT has ruled that a real estate developer cannot be denied a tax deduction merely due to alleged fraud by a recipient trust’s employee, allowing Aakash Value Realty’s ₹1.79 crore claim under Section 35(1)(ii).
In a significant win for homebuyers, MahaRERA and the Appellate Tribunal upheld a 2005 booking despite the handling director's death and promoters' denial of knowledge, directing execution of agreement for an equivalent flat or refund with interest — a reminder of RERA's buyer protections even in legacy cases.

Why a Mumbai Builder Didn’t Have to Pay Tax on ₹55 Crore in Loans

Mumbai ITAT has dismissed a ₹55.5 crore tax addition on Supreme Lake View Bungalows Pvt. Ltd., confirming that properly documented and carried-forward loans cannot be taxed under Section 68.
In a major relief for homebuyers, ITAT Mumbai has ruled that stamp duty valuation for tax purposes must be taken from the booking date—even if the allotment letter is unregistered—protecting buyers from unfair tax demands caused by builder delays.

Income Tax Tribunal Mumbai: Booking Date Matters for Stamp Duty Valuation, Even Without Registered Agreement

In a major relief for homebuyers, ITAT Mumbai has ruled that stamp duty valuation for tax purposes must be taken from the booking date—even if the allotment letter is unregistered—protecting buyers from unfair tax demands caused by builder delays.
The Mumbai Income Tax Appellate Tribunal has ruled in favour of a Platinum Mall buyer in the Rubberwala Group case, holding that alleged cash payments cannot be taxed without solid proof.

Income Tax Tribunal Clears Buyer, Says ‘No Proof of Cash Payment’ in Rubberwala’s Platinum Mall Case

The Mumbai Income Tax Appellate Tribunal has ruled in favour of a Platinum Mall buyer in the Rubberwala Group case, holding that alleged cash payments cannot be taxed without solid proof.
Bollywood star Preity Zinta has sold her 11th-floor apartment in Bandra for ₹18.50 crore. The luxury residence was part of a redevelopment deal for her original 1999 property in the 'Parishram' building.

Preity Zinta Wins Big: ₹10.84 Crore Tax Addition Deleted in Quantum Park Flat Sale Controversy

In a landmark ruling, the Income Tax Appellate Tribunal has fully exonerated Preity Zinta in a ₹13-crore “circular transaction” case linked to the 2016 sale of her Quantum Park flat, ruling that the funds were part of genuine loan restructuring and not unaccounted income. The actress gets complete relief after a decade-long fight with the tax department.