ITAT Mumbai

Interest U/s. 234B cannot be levied on payee for failure of payer to deduct TDS

DCIT Vs Reuters Transaction Services Ltd. (ITAT Mumbai)

Reuters case: When a duty is cast on the payer to deduct tax at source, on failure of the payer to do so, no interest can be imposed on the payee under Section 234B of the Act...

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Interest on Income tax refund cannot be taxed if same is withdrawn subsequently

Lal Nathirmal Moolchandani Vs ITO (ITAT Mumbai)

Lal Nathirmal Moolchandani Vs ITO (ITAT Mumbai) We find that the assessee has received an interest on refund for assessment year 2009-10 in the present assessment year on 31.03.2011. The said cheque was encashed subsequently. Subsequently, vide assessment order passed u/s. 143(3) on 08.12.2011 for the same assessment year a total demand o...

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Slump Sale applicability: When consideration was not money but equity shares & debentures

Bennett Coleman & Co. Ltd Vs ACIT (ITAT Mumbai)

Bennett Coleman & Co. case: where the consideration was not money but equity shares and debentures, the transaction was not a Sale but an Exchange, the provisions of Section 50B were not applicable...

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No TDS U/s. 194H on discount on sale of prepaid starter kits/sim cards to distributors

DCIT Vs M/s Tata Tele Services (Mah) (ITAT Mumbai)

As the sale of starter kits/sim cards is purely a purchase/sale transaction on principal-to-principal basis and there is no relationship of agency, hence no obligation was cast upon the assessee to have deducted tax at source under Sec. 194H in respect of the discounts given to the distributors on the sale of the same....

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No addition for jewellery found within CBDT circular prescribed limit

Shri Ashok Jain Vs ACIT (ITAT Mumbai)

Shri Ashok Jain Vs ACIT (ITAT Mumbai) In the present case the assessee has not filed any wealth tax returns. The Hon’ble Rajasthan High Court in the case of Satya Narain Patni (supra) noted that the jewellery found during the search was within the limits prescribed by the CBDT circular and in the first instance, […]...

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When sales are not doubted 100% disallowance for bogus purchase can’t be made

Sanjay Kailash Gupta Vs The Income Tax Officer (ITAT Mumbai)

This appeal by the assessee is directed against order of ld. Commissioner of Income Tax (Appeals)-1, Thane dated 13.07.2016 and pertains to the assessment year 2010-11...

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S. 37(1) Settlement Charges Paid to SEBI for Violation of SEBI Provisions allowable

DCIT Vs Shri Anil Dhirajlal Ambani (ITAT Mumbai)

The fact that the consent application proposed by the Respondent was accepted by SEBI also on the footing that the Respondent has paid the settlement "without admitting or denying the charges" indicates that the SEBI was not unaware of the outcome of its case against the Respondent. There is no reason to believe or infer that consent app...

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Amount received towards reimbursement of cost cannot be taxed

Gemological Institute International Inc. Vs DCIT (ITAT Mumbai)

Tribunal after going through the terms of the agreement has held that the reimbursement of cost cannot be considered to be part of fee for technical services, hence, is not taxable. ...

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Transfer of an undertaking in consideration of allotment of shares is exchange not sale

M/s. Oricon Enterprises Limited Vs ACIT (ITAT Mumbai)

Challenging the order,dated 16/02/2015,of CIT(A)-51,Mumbai, the assessee has filed the present appeal.Assessee-company,engaged in the business of manufacturing of aluminium caps, metal containers,petrochemicals etc., filed its return of income on 15/11/2007,declaring total income at Rs.NIL...

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No Penalty for Offering income under capital gain instead of Business head under bonafide impression

ACIT Vs M/s. Sane & Doshi Enterprises (ITAT Mumbai)

Challenging the order,dated 18/12/2015,of the CIT(A)-28 Mumbai the Assessing Officer (AO)has filed the present appeal.Assessee-firm,a builder and developer,filed its return of income on 25/09/2010,declaring total income of Rs.6.29 crores.The AO completed the assessment on 23/12/2011,determining the total income of the assessee at Rs.7.40...

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