Browsing Tag

Section 68 Income Tax

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A 62-year-old Matunga tutor deposited Rs 17.5 lakh during demonetisation, faced a Rs 14 lakh tax addition — and proved every penny at the ITAT with one document.

62-Year-Old Tutor’s Rs 17.5 Lakh Demonetisation Deposit: How She Proved Every Penny Was Hers

A 62-year-old Matunga tutor deposited Rs 17.5 lakh during demonetisation, faced a Rs 14 lakh tax addition — and proved every penny at the ITAT with one document.
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.