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Mumbai tenant wins Rs 1.1 crore STCG tax fight after surrendering tenancy for new flat

Mumbai tenant wins Rs 1.1 crore STCG tax fight after surrendering tenancy for new flat

A Mumbai tenant who surrendered tenancy to move into a new flat in a redeveloped building fought an Income Tax notice alleging Rs 1.1 crore in short-term capital gains. The ITAT Mumbai ruled the alleged taxable event, the surrender of tenancy rights, did not occur in the assessment year cited, overturning the demand.

Summarised by Beize from a story on The Economic Times on 14 May 2026
ITAT backs woman after Rs 1 49 crore interest deduction rejected by tax department

ITAT backs woman after Rs 1 49 crore interest deduction rejected by tax department

An ITAT Mumbai ruling granted a woman a Rs 1.49 crore interest deduction after she borrowed money to invest in a venture capital fund. The Income Tax Department had rejected her claim, but the tribunal allowed it, pointing to consistent acceptance of similar deductions and holding that she provided adequate evidence the borrowed funds were used to generate income.

Summarised by Beize from a story on The Economic Times on 9 May 2026

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ITAT backs Aishwarya Bachchan in Rs 1 49 crore interest deduction fight over VC fund loan

ITAT backs Aishwarya Bachchan in Rs 1 49 crore interest deduction fight over VC fund loan

The ITAT Mumbai ruled in favour of Aishwarya Bachchan, allowing a Rs 1.49 crore interest deduction claimed on a loan taken to invest in a venture capital fund. The Income Tax Department had denied the deduction, but the tribunal held that similar past claims were accepted and that there was enough evidence showing the borrowed money was used to generate income.

Summarised by Beize from a story on The Economic Times on 9 May 2026
ITAT clears Mumbai man after Rs 13 lakh cash credit card payment tax notice

ITAT clears Mumbai man after Rs 13 lakh cash credit card payment tax notice

A Mumbai man received a tax notice after paying his credit card bill using Rs 13 lakh in cash. He told the Income Tax Appellate Tribunal (ITAT) that the funds came from gifts from his wife, father and mother. ITAT accepted his explanation for a large part and partially deleted the unexplained cash addition.

Summarised by Beize from a story on The Economic Times on 4 May 2026
ITAT scraps 32 14 crore addition against Sunetra Ajit Pawar saying evidence linking DD to leader fails

ITAT scraps 32 14 crore addition against Sunetra Ajit Pawar saying evidence linking DD to leader fails

The Income Tax Appellate Tribunal has quashed tax proceedings against Sunetra Ajit Pawar, deleting a Rs 32.14 crore addition that treated her funds as unexplained income. The tribunal ruled the Income Tax Department’s evidence legally unsustainable, saying material seized during a Triton Group search could not support the linkage claimed by the department.

Summarised by Beize from a story on The Economic Times on 28 Apr 2026
ITAT rules Rs 9.82 crore discount on DLF flat is not taxable income

ITAT rules Rs 9.82 crore discount on DLF flat is not taxable income

The Income Tax Appellate Tribunal (ITAT) has ruled that a property purchase discount is not taxable as income. In this case, a homebuyer received a Rs 9.82 crore discount on a Rs 32.95 crore DLF Camellias flat, after which the tax department issued a notice. The ITAT also allowed a Rs 9.65 crore capital gains exemption, reversing the lower authority’s view.

Summarised by Beize from a story on The Economic Times on 25 Apr 2026

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Buying agricultural land near a city ITAT says stamp duty value cannot decide tax status

Buying agricultural land near a city ITAT says stamp duty value cannot decide tax status

The ITAT has ruled that stamp duty valuation for urban areas does not automatically determine a property’s agricultural status for income tax. The tribunal cited official revenue records, evidence of actual cultivation, and the absence of formal conversion as key determinants. The decision limits tax additions that buyers may face when urban stamp duty rates inflate valuations.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Tenants can escape tax on surrender money if they reinvest in a home ITAT ruling

Tenants can escape tax on surrender money if they reinvest in a home ITAT ruling

A recent ITAT Mumbai decision says tenants who receive compensation for surrendering tenancy rights may avoid income tax by reinvesting the amount into a residential property. The tribunal held that tenancy rights are capital assets, and surrender amounts to a transfer—potentially enabling exemption under Section 54F if the reinvestment conditions are met.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
ITAT Chennai cancels Rs 10 lakh penalty for ESOP disclosure lapse in first year reporting

ITAT Chennai cancels Rs 10 lakh penalty for ESOP disclosure lapse in first year reporting

An employee was slapped with a Rs 10 lakh penalty for failing to disclose foreign ESOPs in his ITR. But the ITAT Chennai set aside the order, holding the omission was accidental and bona fide, especially since it was the first year the reporting requirement applied. The case highlights how intent and reporting context can swing tax penalties.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
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