ITAT Mumbai

AO cannot tax Notional interest on interest-free advance if advance is made out of interest free funds

DCIT Vs. ETHL Global Capital Ltd. (ITAT Mumbai)

Since assessee had not claimed any expenditure in its computation of income, there was no scope for dis allowance under section 14A as dis allowance under the section can be made only when deduction of certain expenditure is claimed....

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If transactions are at ALP no further income can be said to be attributable to assessee in India from PE

Taj TV Ltd. Vs. Additional Director of Income Tax (ITAT Mumbai)

Assessee- company was engaged in business of broadcasting of sports channel, namely Ten Sports across globe, including India. Its subsidiary (Taj India) was appointed as exclusive distributor of TV Channel Ten Sports to cable operators and other permitted systems on principal-to-principal basis....

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Notice by affixture to avoid expiration of time limit to serve notice is invalid

Heaven Distillery (P) Ltd. Vs. ITO (ITAT Mumbai)

The inaction or delay on the part of the assessing officer in issuing notice under section 143(2) of the Act cannot be a ground to straightway effect service by affixture....

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TDS credited can be claimed on Unrealised Rent / Bad Debts

Shri Rangji Realties Pvt. Vs ITO (ITAT Mumbai)

TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debts claimed u/s 36(1 )(vii) of the Act. Accordingly I am of the view that that the Unrealized rent is duly offered to tax by the assessee at first instance, and then the same is claimed as deduction from Rental I...

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A person can be both trader and investor in respect of shares

The ITO-33(2)(2) Vs. Smt. Kalpana Khandelwal (ITAT Mumbai)

It is a well settled proposition that the question as to whether a person has acted as a trader or as an investor in respect of share transactions, has to be decided on the basis of various factors listed out by the CBDT and Honourable Courts....

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No Tax on Capital Gain earned by Singapore-Company on Sale of Debt Instrument in India under Article 13(4) of DTAA

Citicorp Investment Bank Vs DCIT (International Taxation) (ITAT Mumbai)

The ITAT Mumbai in Citicorp Investment Bank (Singapore) Ltd v. DCIT, held that the sale consideration received by a Singapore based Company on sale of debt instrument is not taxable as capital gain under the Income Tax Act in view of article 13(4) of the India-Singapore Double Taxation Avoidance Agreement (DTAA)....

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Section 54 exemption cant be denied for delayed cheque deposit by builder

ITO (IT) 3(3)(1) Vs Akansha Ranju Pilani (ITAT Mumbai)

In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal recently held that if a cheque is encashed by the builder after the deadline for filing income-tax return, it will not debar the taxpayer from claiming I-T exemption under section 54 of the Income Tax Act, which is available on reinvestment of long term capital...

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Income from Assignment of patent for exploiting it commercially is Capital Gain

Bharat Serums & Vaccines Ltd. Vs. ACIT (ITAT Mumbai)

Section 55(2)(a) talks of right to manufacture, produce or process any article or thing. Therefore, as per the amended provisions, the right to manufacture/produce/process would be taxable under the head capital gains and cost has to be taken at Rs. Nil. ...

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House property Income cannot be assessed as business Income without valid reasons

Banzai Estates P. Ltd. Vs Dy. CIT (ITAT Mumbai)

Supreme Court in the case of Raj Dadarkar & Associates vs. ACIT [2017] 81 193 (SC) has clearly held that in case the provisions of Section 22 are applicable the property is to be assessed as income from house property....

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Bogus capital gain: Mere Sec. 131 Statement not sufficient for addition

Kamla Devi S. Doshi Vs ITO (ITAT Mumbai)

We would not hesitate to observe that the lower authorities which have hushed through the facts to arrive at a conclusion on the basis of principle of preponderance of human probability, had however absolutely failed to appreciate that the said principle could have been validly applied only on the basis of a considerate view as regards th...

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