OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -6 , MUMBAI

ITA 4045/MUM/2025Status: DisposedITAT Mumbai20 February 2026AY 2020-21Bench: 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 losses are business losses, not speculative losses. It also ruled that additions based solely on loose papers, WhatsApp chats, or third-party statements without corroborative evidence are not sustainable. Several grounds raised by the assessee were allowed, while appeals by the revenue were dismissed.

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?

Whether derivative losses are speculative, and whether additions can be made based on uncorroborated evidence like WhatsApp chats or loose papers.

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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