ITAT Mumbai

Online Database access fee is Business Income, not Royalty or FTS

Elsevier Information Systems GmbH Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

Elsevier Information Systems GmbH Vs DCIT (ITAT Mumbai) Whether the subscription fee can be treated as fees for technical services. As discussed earlier, it is evident that the assessee has collated data from various journals and articles and put them in a structured manner in the database to make it more user friendly and beneficial [&he...

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Carry forward of excess of expenditure over income allowable in case of trust

ITO Vs  Kaivalya Education Foundation (ITAT Mumbai)

Assessee-trust was entitled to claim excess expenditure over income being deficit to be carried forward for setting it off in subsequent years as income derived from  trust property had  to be computed on commercial principles and if commercial principles were applied then adjustment of expenses incurred by trust for charitable and reli...

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Rental income of developer cum builder to be taxed as house property income instead of business income

Mascot Constructions (P) Ltd. Vs ITO (ITAT Mumbai)

Nature of income which had been rental earning from the house property would not change just because it had been received by assessee-company formed with the object of carrying out business as builder and developer, therefore, AO had, rightly assessed the rental receipts under the head Income from house property....

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Self-occupied property cannot enter into block of depreciable asset

Mr. Sonu Nigam Namah Vs ACIT (ITAT Mumbai)

Further it is the claim of the assessee that subsequent to the sale of flat on which depreciation was claimed assessee has purchased a flat the income from which has been offered under the income from house property and that the new flat enters into the block of asset irrespective of the use. When the income from the new flat is being off...

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Sec. 54 allowable on gain invested up to due date of filing revised ITR

Rajendra Pal Verma Vs ACIT (ITAT Mumbai)

In the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i. e. on 15. 11. 2014....

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Exemption U/s. 54F available on capital gain on sale of depreciable assets

Income Tax Officer Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai)

ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset and […]...

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Additions U/s. 68 solely based on general statement cannot be upheld

M/s. SDB Estate Private Limited Vs ITO (ITAT Mumbai)

M/s. SDB Estate Private Limited Vs ITO (ITAT Mumbai) We find that the assessee, in this case, had filed detailed evidence to prove the genuineness of transactions e.g. copies of form for allotment of shares, confirmation of shareholders and other documents as mentioned above. The department has relied upon the general statement of Shri Mu...

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Brought forward long-term capital loss and brought forward business loss can be set off against STCG computed U/s. 50

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai)

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012) for A.Y . […]...

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AO must consider Claim made before him through letter

ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai)

ITO Vs Sanjay Gurudasmal Chawla (ITAT Mumbai) We observe that the claim made by the assessee in the form of a letter and by way of revised computation of income in the course of the assessment proceedings was never entertained by the Assessing Officer. The Assessing Officer has not gone into the claim at all. […]...

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Section 54/54F :Tenancy right cannot be equated with ownership rights

Kaushik D. Mistry Vs ITO (ITAT Mumbai)

Kaushik D. Mistry Vs ITO (ITAT Mumbai) So far as the question of deduction u/s 54 is concerned, we find that the assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership rights. The conditions of Section 54 as well as Section […]...

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