ITAT Mumbai

Burden of proving Genuineness of Anonymous Donation is on Trust

Madhavi Raksha Sankalp Nirmal Niketan Vs The Dy. Director of Income Tax (ITAT Mumbai)

Assessee to prove that it is covered by exceptions to chargeability to tax as is provided by provisions of Section 1 15BBC of 1961 Act, namely that the assessee maintained a record of the identity indicating the name and address of the person making such contribution and such other particulars as may be prescribed or else it is a religiou...

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IPL Sponsorship expenses allowable as Revenue Expenditure

ACIT Vs M/s.Samudra Developers Pvt. Ltd. (ITAT Mumbai)

expenditure incurred for organizing sports events are allowable items of revenue expenditure as such events publicise the names of the sponsor....

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Income Tax Exemption to MIG Cricket Club under department scanner

MIG Cricket Club Vs Director of Incometax (ITAT Mumbai)

We are prima facie of the opinion that the activities of the assessee of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are in the nature of carrying on trade, commerce, or business for consideration, which are hit by proviso to Section 2(15) of 1961 Act. ...

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S. 263 Inadequate enquiry cannot be termed as lack of enquiry

Small Wonder Industries Vs CIT-24 (ITAT Mumbai)

Uncontrovertedly, necessary details/reply to the questionnaire were filed/produced by the assessee and the same were examined by the Assessing Officer, therefore, it is not a case of lack of enquiry by the Assessing Officer...

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No TDS on Expense Reimbursement under Mutual Agreement between Entities

DCIT Vs M/s KPMG C/o KPMG House, (ITAT Mumbai)

Thus, the concept of Mutuality postulates that all the contributors to the common fund must be entitled to participate in the surplus and that all the participators in the surplus are contributors to the common fund. It is in this sense that the law postulates that there must be a complete identity between the contributors and the partici...

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Certificate of competent authority only can be relied for measurement of distance of land from Municipality

Asst. Commissioner of Income Tax Vs Mr. Alkesh Kanti Lal Patel (ITAT Mumbai)

However, the relevant certificate from the competent authority has not been submitted by the assessee as required under law for determination of the distance of land in question from Municipality etc. ...

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Interest Paid by Firm to partners cannot be disallowed U/s. 14A

M/s. Syntholab Chemicals & Research Vs ACIT (ITAT Mumbai)

In this case basic issue to be decided was about the interest payment made by the partnership firm to the partners in light of the provisions of section 14A read with rule 8D of the Rules....

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Section 54EC deduction for investment after 6 months from transfer but within 6 month from receipt of Sale Consideration

Mr. Lemes E. D’ Souza, ALK Bricks Factory Company, Vs ITO (ITAT Mumbai)

The division bench of the Mumbai Income Tax Appellate Tribunal (ITAT), in Lemes E. D’ Souza v. ITO, held that benefit of Investing in NHAI/ REC Bonds under section 54EC of the Income Tax cannot be denied to the assessee merely for the reason that the investment was made beyond 6 months from the date of transfer....

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Bogus Purchases: GP estimate should be fair, honest and rational

M/s Ratnagiri Stainless Pvt. Ltd. Vs Income Tax Of f icer 5(3) (1) , (ITAT Mumbai)

GP ratio needs to be estimated which definitely involved some estimation/guess work but the said estimation/guess work should be fair, honest and rational keeping in view factual matrix of the case and cannot be arbitrarily applied at the discretion of authorities. ...

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No HRA Exemption on non genuine Rent Paid to Mother

Mrs. Meena Vaswani Vs ACIT (ITAT Mumbai)

Assessee had claimed deduction u/s 10(13A) of 1961 Act which is a wrong claim as no rent was paid by the assessee and the said alleged rent of Rs. 31,500/- per month being paid to mother was shown only to take exemption of HRA u/s 10(13A) of 1961 Act. ...

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