ITAT Mumbai

Notice u/s 143(2) issued by AO before return filing has no meaning

Shri Sudhir Menon Vs The Asst. Commissioner of Income Tax (ITAT Mumbai)

Shri Sudhir Menon Vs ACIT (ITAT Mumbai) The assessee filed return of income under section 148 of the Act vide letter dated 23.05.2013 stating that the original return of income can be treated as return filed in response to notice under section 148 of the Act. It means that the assessee has filed return of […]...

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ITAT order cannot be termed erroneous for negligence of Dept

Income Tax Officer Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai)

ITO Vs M/s. Iraisaa Hotels Pvt. Ltd. (ITAT Mumbai) If we examine the facts of the present case it can be seen that in the previous year relevant to the assessment year under dispute, the assessee had received certain unsecured loan and share capital investment which were examined by the Assessing Officer during the assessment […]...

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Reassessment u/s 147 void in absence of fresh tangible material with AO

ACIT Vs M/s Goldmohur Design and Apparel Park Ltd. (ITAT Mumbai)

ACIT Vs M/s Goldmohur Design and Apparel Park Ltd. (ITAT Mumbai) Under the new provisions of section 147, an assessment can be reopened if the Assessing Officer has ‘reason to believe’ that income chargeable to tax has escaped assessment; but if he wants to do so after a period of four years or merely on […]...

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Notice U/s. 148 valid despite no fresh material if Return was processed U/s. 143(1)

Ajay Narayan Bhoir Vs ACIT(ITAT Mumbai)

Ajay Narayan Bhoir Vs ACIT (ITAT Mumbai) In case of return of income processed under section 143(1), the only condition to be satisfied for reopening is that taxable income has escaped assessment and the assessee’s plea that no fresh material was there before the AO warranting re-opening, was not relevant. FULL TEXT OF THE ITAT [&hellip...

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No Penalty for withdrawal of higher depreciation claim during assessment

Waman Hari Pethe Sons (P) Ltd. Vs DCIT (ITAT Mumbai)

Where assessee had claimed depreciation on building at revalued figures and later on withdrawn the excess depreciation during the course of assessment proceedings to buy peace, the imposition of penalty under section 271(1)(c) was invalid because mere making of wrong claim would not automatically lead to an inference of furnishing inaccu...

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Deemed dividend provisions not applies if assessee was neither beneficial nor registered shareholder

M/s. Neha Home Builders Pvt. Ltd. Vs DCIT – 13(1)(1)(ITAT Mumbai)

M/s. Neha Home Builders Pvt. Ltd. Vs DCIT (ITAT Mumbai) Since assessee was neither the beneficial nor the registered shareholder of the company, the amount so received is not liable to be taxed as deemed dividend. Moreover, the transaction between two group concerns were in the nature of current account and inter banking account containin...

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Maintainability of Appeal filed manually and dismissed by CIT (A)

Asterix Reinforced Ltd. Vs  ITO (ITAT Mumbai)

ince CIT(A) had erred in dismissing appeal filed manually by assessee. CIT(A) was directed to admit appeal filed by assessee by directing assessee to file its appeal in electronic format and also to condone delay...

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Portfolio Management & Performance Linked Fees not allowable against Capital Gain

ACIT Vs Apurva Mahesh Shah (ITAT Mumbai)

Portfolio management fees and performance linked fees were paid by assessee to his portfolio manager, towards service charges for making investments of his funds and managing portfolio of securities, therefore, same not being an expenditure incurred wholly and exclusively in connection with the transfer of the shares, had rightly been hel...

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Addition for Bogus share capital: ITAT deletes addition as discharges primary onus cast upon it

Sunshine Metals & Alloys Industries Pvt. Ltd. Vs ITO (ITAT Mumbai)

Sunshine Metals & Alloys Vs ITO (ITAT Mumbai) Section 68 Bogus share capital- Assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants. The assessee has also furnished its bank statement to show that the money was received through banking channels and there [&...

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Deduction U/s. 80IC on assembling of various parts resulting in watches

ITO Vs Sudarshan R. Kharbanda (ITAT Mumbai)

ITO Vs Sudarshan R. Kharbanda (ITAT Mumbai) If the aforementioned judicial pronouncements and the facts available on record are kept in juxtaposition and analyzed with the assembling of parts done by the assessee, we find that the resultant end product is commercially known differently in the trading world, therefore, certainly it can be ...

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