ITAT Mumbai

TDS deductible on year-end provisions debited to profit & loss account

Tata Sky Limited Vs ACIT (ITAT Mumbai)

Tata Sky Limited Vs ACIT (ITAT Mumbai) Assessee made year-end provisions in respect of sale promotion, legal and professional fees, interest and programming costs. Further, these provisions were debited to the profit and loss account and not added back to the computation of total income by the assessee. Once, the assessee has claimed thes...

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ITAT restricts addition to 5% of alleged non-genuine purchases

ACIT Vs Rishab Steel House (ITAT Mumbai)

ACIT Vs Rishab Steel House (ITAT Mumbai) Since, Ld.CIT(A) followed the order of the Tribunal in assessee’s own case for the earlier as well as subsequent assessment years on identical issue and decided partly in favour of the assessee by directing the Assessing Officer to estimate the profit element in alleged non-genuine purchases at 5...

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When sales not doubted, 100% disallowance for bogus purchase cannot be done

D. C. Engineers Private Limited Vs ITO (ITAT Mumbai)

In my considered opinion, disallowance of 12.5% of the bogus purchase as reduced by the gross profit already disclosed by the assessee would meet the end of justice. It does not need to be reiterated that if the gross profit already shown is more than 12.5%, no disallowance is required....

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Section 69: Entire purchases cannot be added as bogus

ITO Vs Abhay Kantilal Shah (ITAT Mumbai)

ITO Vs Abhay Kantilal Shah (ITAT Mumbai) In instant case, as mentioned earlier, the assessee has filed before the AO copies of (i) bank statements for the financial year 2010­11, evidencing the payments made to these parties; (ii) ledger account of all the parties; (iii) purchase invoices from these parties and (iv) sale invoices as [&he...

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ITAT expunges ‘inadvertent remarks’ against Cyrus Mistry

Sir Dorabji Tata Trust Vs DCIT (ITAT Mumbai)

Sir Dorabji Tata Trust Vs DCIT (ITAT Mumbai) IT held that At page 60-61 of its order dated 28th December, 2020, certain observations were made about Mr Cyrus Mistry. One fact, which was inadvertently missed out, was that the information furnished by Mr Mistry was in response to a notice. Under these circumstances, the observations [&helli...

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No TDS on discount/rebate allowed to dealers/distributors on sale of products

ASUS India Pvt. Ltd. Vs Asst.CIT (ITAT Mumbai)

Disallowance made by AO under section 40(a)(ia) for non deduction of TDS on discount/rebate allowed to dealers/distributors on sale of products was not justified as there was no element of work as defined under clause (iv) of Explanation to section 194C and AO had not brought on record any material for deduction of  TDS under section 194...

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Section 234B interest cannot be levied when entire income is subject to TDS

NGC Network Asia LLC Vs DDIT- International Tax (ITAT Mumbai)

NGC Network Asia LLC Vs DDIT- International Tax (ITAT Mumbai) One of The ground raised by the assessee is with regard to charging of interest u/s.234B of the Act. We find that assessee is a non-resident whose entire income is subject to deduction of tax at source u/s.195 of the Act. Accordingly, the assessee had […]...

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No penalty for duly disclosed  transactions reflected in seized dairies in Returns pursuant to Section 153A notice

Jayant B Patel HUF Vs DCIT (ITAT Mumbai)

Jayant B Patel HUF Vs DCIT (ITAT Mumbai) (a) No penalty under Explanation-5 to Section 271(1)(c) of the Act could be levied in respect of undisclosed income found in the course of search but which were duly returned by the assessee in the return filed u/s.153A of the Act together with compliance of other conditions […]...

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ITAT deletes addition for Notional Rent on Property lying vacant

Empire Infraspace India Pvt. Ltd. Vs ACIT  (ITAT Mumbai)

Empire Infraspace India Pvt. Ltd. Vs ACIT  (ITAT Mumbai) Actually, the premises in question was on rent earlier with the HDFC Bank. Under the compelled circumstances, the tenant HDFC Bank vacated the premises because the Metro Rail Project came before the premises, therefore, the said premise was vacated by Bank. On similar circumstances...

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Big relief to Tata Trusts as Tribunal quashed revised assessment order

Sir Dorabji Tata Trust Vs DCIT (ITAT Mumbai)

Sir Dorabji Tata Trust Vs DCIT (ITAT Mumbai) Conclusion: The investment in Tata Sons by assessee trust was not thus for the purpose of investment in shares, but this shareholding being held by the assessee trust was undisputedly for the purpose of sharing the fruits of the success, of the Tata Group, for the benefit […]...

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