https://www.taxtmi.com/caselaws?id=463299 ITAT MUMBAI - AT held the reassessment notice under s.148 invalid as issued with under 30 days' notice, rendering the resulting assessment void (following the jurisdictional HC view). The Tribunal allowed set-off of delivery-based share trading losses and UTI unit losses against corresponding income, deleted additions related to money-market profits and unexplained investments seized from offices, and permitted short-term capital loss set-offs where supported by contract notes. Certain expense disallowances were limited (telephone 10%; travel/meetings 15%), s.14A disallowance fixed at 1% of exempt income, interest disallowance deleted, depreciation allowed despite non-registration, and interest under ss.234A/234B/234C to be recalculated after TDS. en-us Tue, 30 Mar 2021 00:00:00 +0530 Fri, 22 Aug 2025 20:06:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463299 ITAT MUMBAI - AT held the reassessment notice under s.148 invalid as issued with under 30 days' notice, rendering the resulting assessment void (following the jurisdictional HC view). The Tribunal allowed set-off of delivery-based share trading losses and UTI unit losses against corresponding income, deleted additions related to money-market profits and unexplained investments seized from offices, and permitted short-term capital loss set-offs where supported by contract notes. Certain expense disallowances were limited (telephone 10%; travel/meetings 15%), s.14A disallowance fixed at 1% of exempt income, interest disallowance deleted, depreciation allowed despite non-registration, and interest under ss.234A/234B/234C to be recalculated after TDS. Case-Laws Income Tax Tue, 30 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463299