Browsing Tag

ITAT Mumbai

20 posts
MahaRERA has cracked down on Bhagwati Developers, giving Kharghar homebuyers a major relief: complete all promised amenities including swimming pool, gym and play areas in 6 months, and hand over permanent parking spaces within just 1 month at Bhagwati Greens 2

Builder Raided: IT Dept Accuses Buyer of ₹22 Lakh Black Money – ITAT Throws Out Case!

IT Dept raided builder, claimed buyer paid ₹22 lakh hidden cash — but ITAT Mumbai exposes weak case: no direct proof, no fair cross-exam. Full addition scrapped in dramatic win for taxpayer!
ITAT Mumbai delivers big relief: Temporary flat given by developer during land redevelopment isn't a taxable "transfer" — no capital gains apply when it's purely interim with no ownership rights passed, quashing Rs 13.56 lakh addition.

No Tax on Temporary Flat: ITAT Rules Developer’s Alternate Accommodation Isn’t a Taxable “Transfer” of Property

ITAT Mumbai delivers big relief: Temporary flat given by developer during land redevelopment isn’t a taxable “transfer” — no capital gains apply when it’s purely interim with no ownership rights passed, quashing Rs 13.56 lakh addition.
In a key ruling, ITAT Mumbai has sent back Raheja Universal Pvt. Ltd.'s deemed rental income dispute on unsold flats for fresh evidence-based assessment, stressing objective valuation under Section 23(5) while upholding major reliefs for the prominent developer on other issues.

Raheja Universal’s Deemed Rent Dispute on Unsold Flats Sent for Fresh Calculation

In a key ruling, ITAT Mumbai has sent back Raheja Universal Pvt. Ltd.’s deemed rental income dispute on unsold flats for fresh evidence-based assessment, stressing objective valuation under Section 23(5) while upholding major reliefs for the prominent developer on other issues.
India’s property buyers are making decisions faster, with average deal closure time falling to 26 days in 2025 and premium ₹2–3 crore homes selling in just 15 days, according to ANAROCK data.

You Can Claim Tax Exemption on House Sale Even If You Missed Filing Original ITR – Technical Delay Won’t Cost You Lakhs!

In a taxpayer-friendly order, ITAT Mumbai has held that deduction under Section 54 cannot be denied merely because no original return u/s 139(1) was filed, as long as the claim relates directly to the escaped LTCG from house sale and reinvestment conditions are met – a boon for common homebuyers facing genuine filing delays.
ITAT Mumbai has dismissed the tax department's claim of black money against F A Construction, holding that large cash withdrawals were legitimately used to pay daily-wage labourers at remote construction sites. The Tribunal quashed additions of over ₹35 crore under Section 69A, emphasizing documented bank sources and no adverse findings in remand — proving once again that cash-heavy sectors like construction often face initial suspicion that clears with proper evidence.

Taxman Says Builder Had Black Money, Turns Out He Was Paying Labourers in Cash

ITAT Mumbai has dismissed the tax department’s claim of black money against F A Construction, holding that large cash withdrawals were legitimately used to pay daily-wage labourers at remote construction sites. The Tribunal quashed additions of over ₹35 crore under Section 69A, emphasizing documented bank sources and no adverse findings in remand — proving once again that cash-heavy sectors like construction often face initial suspicion that clears with proper evidence.