ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s appeal in ITO Vs Abdul Aziz Abdul Kadar.
ITAT Mumbai allows Hotel Deepak’s appeal, holding that a survey statement u/s 133A can’t be the sole basis for income addition when discrepancies exist and expenses are substantiated. The tribunal cites a prior similar ruling.
In the matter aforementioned ITAT deleted addition made on account of Client Code Modification after observing that assessee utilized its own funds to conduct transactions on NSEL platform and the profits from such transactions have already been offered to tax.
ITAT Mumbai rules that a Section 143(1) adjustment becomes infructuous once a regular assessment under Section 143(3) is completed, especially if the returned income is accepted as the assessed income.
ITAT Mumbai quashes CIT(A)’s order dismissing HPCL’s appeal, citing non-compliance with prior tribunal directives. The case involves interest on refunds and the now-defunct Vivad Se Viswas Scheme. The tribunal mandates a fresh hearing on the merits of the case.
ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of the Act. Accordingly, order of CIT(A) set aside and deduction u/s. 80P(2)(d) allowed.
ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexplained credit.
ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and contingent liability.
ITAT Mumbai held that sale of Dangerous Goods Regulations manuals could not be characterised as ‘royalty’ within the meaning of Article 12(3) of the India-Canada tax treaty. Accordingly, addition towards sale of manuals is deleted.
ITAT Mumbai held that CIT(A) rightly deleted addition towards bogus purchases since assessee proved genuineness of purchases by submitting various details/ documents. Accordingly, appeal of the revenue dismissed.
