ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

ITA 3995/MUM/2025Status: DisposedITAT Mumbai20 February 2026AY 2011-12Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that derivative loss is a business loss and not speculative. It also deleted additions made on account of cash loans and payments based on WhatsApp chats, finding no corroborative evidence. Ad-hoc disallowances from director reimbursements were also allowed in favor of the assessee.

What were the facts?

The assessee, engaged in infrastructure project development, faced multiple appeals from both the assessee and the revenue concerning various assessment years. The appeals involved issues such as the validity of reopening assessments, classification of derivative losses, and disallowances of various expenses.

What were the issues?

The key issues were whether derivative losses are speculative, the validity of reassessment proceedings, and the admissibility of expenses and loans based on weak or no documentary evidence.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 69A,Section 69C,Section 37(1)

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Income Tax Appellate Tribunal, “C” BENCH MUMBAI

Before: SHRI SANDEEP GOSAIN & SHRI GIRISH AGRAWAL

Hearing: 24.11.2025Pronounced: 20.02.2026

PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:

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