Browsing Tag

ITAT Mumbai

20 posts
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.

Cancellation Loss Allowed – But Only in the Right Year: Key ITAT Ruling for Mumbai Builders

ITAT Mumbai has clarified that real estate developers can claim losses from cancelled bookings, but only in the financial year the reversal actually occurs — and only after proving no double deduction. The ruling also protects old scrutiny assessments from being invalidated due to Income Tax Department jurisdiction changes during cadre restructuring.
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 landmark ruling, the Maharashtra Real Estate Appellate Tribunal has directed Omkar Realtors to refund ₹7.69 crore plus interest from 2016 to a family for a flat in the stalled Omkar 1973 project, overturning MahaRERA’s order that denied interest and allowed a 2% deduction.

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.