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ITAT Mumbai Allows Deduction for Interest Expenditure against rental income

December 9, 2023 1635 Views 0 comment Print

Explore the ITAT Mumbai order in Sujeev Sanjeev Kharwadkar Vs ACIT case. Learn how the ITAT allows deduction under section 24 for interest expenditure in Income Tax Act.

ITAT Grants Final Opportunity: Remits Unexplained Income Case to CIT(A) for Reexamination

December 9, 2023 462 Views 0 comment Print

Explore the ITAT Mumbai order in the Devang Jitendra Mashru vs ITO case for AY 2010-11. Uncover the addition under section 69 and the final opportunity granted due to transaction information absence.

Delayed Payment: No Deduction for Employee’s PF & ESIC Contribution

December 9, 2023 2319 Views 0 comment Print

Explore the ITAT Mumbai ruling in KMTC (India) Pvt Ltd vs CIT(A) case. Learn about deductions for employee contributions to PF & ESIC deposited belatedly. Full text included.

Plastic waste management is charitable purpose: ITAT allows Section 80G approval

December 8, 2023 804 Views 0 comment Print

TAT Mumbai’s order on Huhtamaki Foundation’s Section 80G approval. Plastic waste management deemed charitable. Detailed analysis and conclusion.

Assessment Order/Addition Unsustainable if Solely based on AIR Information

December 8, 2023 7890 Views 0 comment Print

Bona Sera Hospitality Pvt. Ltd vs. DCIT (ITAT Mumbai) case analysis. Learn how additions based on AIR information without full details are not sustainable. Full text order included.

Corpus specific voluntary contributions are outside the scope of taxation

December 8, 2023 2106 Views 0 comment Print

Read ITAT Delhi order in ACIT vs Financial Inclusion Trust, highlighting the exemption of corpus-specific voluntary contributions from taxation. Learn about the legal implications and precedents cited in this case.

Sections 115BBE not applicable to Income not falling under section 69A  

December 8, 2023 6861 Views 0 comment Print

Explore the ITAT Delhi ruling in DCIT vs. Tapesh Tyagi case, clarifying that Section 115BBE doesn’t apply to surrendered income treated under Section 69A.

Books of Account cannot be rejected for mere Inadvertent Error in TAR

December 8, 2023 867 Views 0 comment Print

ITAT Mumbai order on ITO vs. Sambhav Shelter, where books of account withstand scrutiny despite an inadvertent mistake in the tax audit report. Full analysis and conclusions revealed.

Entire reassessment proceeding illegal without issuance of notice u/s. 143(2)

December 7, 2023 1005 Views 0 comment Print

ITAT Hyderabad held that entire re-assessment proceeding is illegal and deserves to be quashed in absence of mandatory issue of notice under section 143(2) of the Income Tax Act.

Payment of club membership fees for employees allowable as business expenditure

December 7, 2023 2961 Views 0 comment Print

ITAT Mumbai held that club membership fees for employees are to be treated as business expenditure of a company under section 37 of the Income Tax Act.

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