ITAT Mumbai

Interest paid by Indian Branch to Its foreign HO allowable

DCIT Vs Mizuho Corporate Bank Ltd. (ITAT Mumbai)

DCIT Vs Mizuho Corporate Bank Ltd. (ITAT Mumbai) We shall now advert to the issue as regards the allowability of the interest paid by the branch of the assessee bank to its head office as an expenditure in the hands of the branch office. We find that the claim of the assessee as regards the […]...

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Income of Indian Plastics Institute from technical lectures, seminars and workshop is exempt

M/s. Indian Plastics Institute Vs The Assistant Director of Income Tax Officer (ITAT Mumbai)

M/s. Indian Plastics Institute Vs Assistant Director of Income Tax Officer (ITAT Mumbai) Considering that the activities of the assessee-trust are for advancement and development for the benefit of its members and public, the art, science, technology and engineering of plastics, natural and synthetic and other related materials which is a...

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ITAT on addition for share application money received from bogus shareholders

ACIT Vs Goldmohur Design And Apparel Park Ltd (ITAT Mumbai)

ACIT Vs Goldmohur Design And Apparel Park Ltd (ITAT Mumbai) Bombay High Court in CIT vs Gangadeep Infrastructure Pvt. Ltd. (394 ITR 680)(Bom.) held in this context to the pre-amended section 68 has held that where the Revenue urges that the amount of share application money has been received from bogus shareholders then it is […]...

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Addition for ON MONEY received on Sale of Flat should be based on evidence found during search

M/s Runwal Projects Pvt Ltd Vs DCIT (ITAT Mumbai)

M/s Runwal Projects Pvt Ltd Vs DCIT (ITAT Mumbai) There is no dispute with regard to the fact of receipt of on-money from sale of flats. This fact has been admitted by the assessee including its director in the statement recorded during the course of search. This fact is also supported by incriminating material found […]...

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TDS U/s. 195 on Grant of license for copyrighted software for internal business purposes

Reliance General Insurance Co. Ltd. Vs Income Tax Officer (ITAT Mumbai)

Reliance General Insurance Co. Ltd. Vs ITO (ITAT Mumbai) We shall first advert to the remittance of USD 100,000 made by the assessee towards licence fees to M/s Fair Isaac International Corpn. We have perused the copy of the agreement entered into by the assessee with M/s Fair Isaac International Corpn i.e “Fair Isaac Order […]...

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ITAT allows Proportionate Vacancy Allowance for period of Vacancy

Saif Ali Khan Pataudi Vs ACIT (ITAT Mumbai)

Saif Ali Khan Pataudi Vs ACIT (ITAT Mumbai) In case the property or part thereof was vacant during the period, the proportion deduction should be allowed from the sum on which the property might reasonably be let out from year to year. We find that it is the plea of the assessee that due to […]...

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Deduction U/s. 54 on Investment in 4 adjacent flats made into single residential house

ITO Vs Kavita Gupta (ITAT Mumbai)

Where assessee had independently acquired multiple flats, which, however, were joined together and used by the assessee as a single residential unit, the claim for exemption under section 54 in respect of total investment made towards acquisition of the said flats could not be denied....

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TDS not deductible on reimbursement of management charges to overseas HO

Lloyd’s Register Quality Assurance Ltd. (India Branch Office) Vs DDIT (ITAT Mumbai)

Where assessee (Indian branch office) had reimbursed the payments towards management charges to its overseas head office, addition under section 40(a)(ia) was unjustified because it was against the object of Indo-US DTAA....

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AO has to strike off & specify the limb to initiate penalty proceedings

Deutsche Bank AG, Mumbai vs. ADIT (International Taxation) (ITAT Mumbai)

Deutsche Bank Ag, Mumbai vs. ADIT (International Taxation) (ITAT Mumbai)- Assessing Officer has to strike off and specify the charge/limb for which he is proposing to initiate penalty proceedings under section 271(1)(c): Deutsche Bank case...

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Web Hosting Services to Indian Entities cannot be treated as FTS

M/s. Savvis Communications Corporation Vs DCIT-International Taxation (ITAT Mumbai)

M/s. Savvis Communications Corporation Vs DCIT- International Taxation (ITAT Mumbai) Undoubtedly, when the assessee receives an income on account of allowing a customer to use a scientific equipment, it does become taxable for the reason of its being characterized as such, but the use of a scientific equipment by the assessee, in the cour...

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