ACIT, MUMBAI vs. GENEXT HARDWARE AND PARKS PRIVATE LIMITED, MUMBAI

ITA 6208/MUM/2025Status: DisposedITAT Mumbai24 August 2026AY 2017-1822 pages
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What were the facts?

The Revenue appealed against an order of the CIT(A) concerning assessment year 2017-18, which involved issues like depreciation disallowance, deemed annual letting value of unsold flats, and capital loss claims. A search action under Section 132 and survey under Section 133A were conducted on the assessee's premises.

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to allow the claim for carry forward of short-term capital loss, finding that the CIT(A) had correctly applied legal provisions and judicial precedents. The Revenue's appeal was partly allowed.

What were the issues?

Whether fresh claims for depreciation and capital loss can be allowed in proceedings under Section 153A when not made in the original return, and whether the CIT(A) erred in admitting additional evidence without following due procedure.

Which sections of the Income-tax Act were involved?

Section 32,Section 22,Section 153A,Section 139(1),Section 139(5),Section 250,Section 132,Section 133A

AI-generated summary — verify with the full judgment below

Before: HON’BLE JUSTICE (RETD.) C. V. BHADANG & SHRI PRABHASH SHANKAR

For Appellant: Shri Madhur Aggarwal,Advocate
For Respondent: Shri Basavaraj Hiremath,CIT-DR
Hearing: 17.06.2026Pronounced: 24.08.2026

PER PRABHASH SHANKAR [A.M.] :- The instant appeal prefer

The order continues below.

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