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Income tax Appellate Tribunal

ITAT: Current-year business loss can be set-off against capital gains u/s 71(2), unlike brought-forward loss u/s 72

  • In Favour of Assessee
  • Citation Number : TS-1365-ITAT-2026(Mum)
  • Tax Payer : R M Bhuther And Co.
Income tax Appellate Tribunal

ITAT: ITAT: Business expenses paid through spouse’s credit card cannot be disallowed merely on account of payment route

  • In Favour of Assessee
  • Citation Number : TS-1363-ITAT-2026(Mum)
  • Tax Payer : Chirag Anil Shah
Income tax Appellate Tribunal

ITAT: Assessment unstainable as AO failed to produce Sec. 153D approval on account of being untraceable

  • In Favour of Assessee
  • Citation Number : TS-1326-ITAT-2026(SUR)
  • Tax Payer : Shri Piyush Ranchhodbhai Patel
Income tax Appellate Tribunal

ITAT: ITAT: Only profit element embedded in bogus purchases to be taxed, if corresponding sales accepted by Revenue

  • In Favour of Both, Partially
  • Citation Number : TS-1359-ITAT-2026(Mum)
  • Tax Payer : Paresh Vanitlal Shah
Income tax Appellate Tribunal

ITAT: Delayed conveyance of property already possessed for decades not taxable u/s 56(2)(x); Deletes addition

  • In Favour of Assessee
  • Citation Number : TS-1347-ITAT-2026(Mum)
  • Tax Payer : Atlanta Co-op Housing Society Limited
Income tax Appellate Tribunal

ITAT: ITAT: Sec. 54 shortfall not taxable before expiry of investment period; Quashes Sec. 271(1)(c) penalty

  • In Favour of Assessee
  • Citation Number : TS-1361-ITAT-2026(Mum)
  • Tax Payer : Rajesh Parasram Nichani
Income tax Appellate Tribunal

ITAT: Notional rent on unsold units utilised for business purpose not taxable u/s 22/23

  • In Favour of Assessee
  • Citation Number : TS-1348-ITAT-2026(Ahd)
  • Tax Payer : Sharad Kanaiyalal Shah
High Court

HC: HC: 'Suspicion' can't substitute 'proof' to nail penny stock transactions; Dismisses Revenue appeals

  • In Favour of Assessee
  • Citation Number : TS-1360-HC-2026(MAD)
  • Tax Payer : Sohanraj Uttamchand
Income tax Appellate Tribunal

ITAT: Direct nexus between payments & acquisition of capital asset determines ‘cost of acquisition’ u/s 48

  • In Favour of Assessee
  • Citation Number : TS-1346-ITAT-2026(Mum)
  • Tax Payer : Divya Kumar Bhisham Sawilani
Income tax Appellate Tribunal

ITAT: ITAT: Taxpayer can choose between Tax Statute & DTAA; Allows loss set-off against post March-2017 share gains

  • In Favour of Assessee
  • Citation Number : TS-1325-ITAT-2026(Mum)
  • Tax Payer : Apoletto Asia Ltd
Income tax Appellate Tribunal

ITAT: ITAT: Govt.-sanctioned market fee, sub-agent commission not liable to TDS u/s 194C; Deletes Sec. 40(a)(ia) disallowance

  • In Favour of Assessee
  • Citation Number : TS-1357-ITAT-2026(Mum)
  • Tax Payer : The Maharashtra State Co- Op Marketing Federation Limited
Income tax Appellate Tribunal

ITAT: ITAT: Sec. 49(1)(i) mandates adoption of previous owner's cost on HUF partition; Allows long term capital loss set-off

  • In Favour of Assessee
  • Citation Number : TS-1358-ITAT-2026(Mum)
  • Tax Payer : Ashim Ashitbaran Desai
Income tax Appellate Tribunal

ITAT: ITAT: Interpreting key jurisdictional point, once again quashes revisionary proceedings against Sr. Adv. Rohatgi

  • In Favour of Assessee
  • Citation Number : TS-1356-ITAT-2026(DEL)
  • Tax Payer : Mukul Rohatgi
Income tax Appellate Tribunal

ITAT: Year-end provision without identified payee doesn’t trigger TDS; Deletes demand u/s 201(1) against Pfizer

  • In Favour of Assessee
  • Citation Number : TS-1355-ITAT-2026(Mum)
  • Tax Payer : Pfizer Limited
Income tax Appellate Tribunal

ITAT: Banking trail, firm’s financials establish genuineness of loan transaction; Deletes addition against partner

  • In Favour of Assessee
  • Citation Number : TS-1354-ITAT-2026(Mum)
  • Tax Payer : Jaspalsingh Prehladsingh Chandock
Income tax Appellate Tribunal

ITAT: Client code modification data, sans substantive evidence, cannot establish fictitious loss; Deletes addition

  • In Favour of Assessee
  • Citation Number : TS-1345-ITAT-2026(Mum)
  • Tax Payer : Ganita Technologies & Services Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Pre-schooling activities qualifies as “education” u/s 2(15); Affiliation with competent authority not mandatory for charitable registration

  • In Favour of Assessee
  • Citation Number : TS-1341-ITAT-2026(DEL)
  • Tax Payer : Hans Foundation
Income tax Appellate Tribunal

ITAT: Interest on enhanced land acquisition compensation taxable as ‘Other Sources’ income u/s 56(2)(viii); Follows Mahendra Pal Narang ruling

  • In Favour of Assessee
  • Citation Number : TS-1350-ITAT-2026(CHANDI)
  • Tax Payer : Sudershan Kumar Garg
Income tax Appellate Tribunal

ITAT: Deletes Sec. 68 addition on unexplained loans as primary onus discharged & loan repaid via banking channel

  • In Favour of Assessee
  • Citation Number : TS-1349-ITAT-2026(Mum)
  • Tax Payer : DICET Creative Ventures (India) Private Limited
Income tax Appellate Tribunal

ITAT: Deletes Sec. 69A addition on forex cash deposits held as business receipts sans any finding of bogus purchases

  • In Favour of Both, Partially
  • Citation Number : TS-1351-ITAT-2026(Kol)
  • Tax Payer : LKPS Forex Private Limited