ITAT Mumbai

No section 14A Disallowance if There is No Exempt Income

Tata Sky Limited Vs. ACIT (ITAT Mumbai)

Tata Sky Limited Vs. CIT (ITAT Mumbai) The issue under consideration is whether the disallowance of expenditure under section 14A is justified if there is no exempt income? In the instant case, the assessee has invested in various investments which, yield exempt income. Further, the assessee has not made suo moto disallowance of expenditu...

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Keyman Insurance Policy Maturity Value Taxable as Income From Other Sources

Ravjibhai L. Kakadia Vs. ACIT (ITAT Mumbai)

Ravjibhai L. Kakadia  Vs. ACIT (ITAT Mumbai) The issue under consideration is whether the maturity value of the Keyman Insurance Policy is taxable under Income Tax Act and under which Head?...

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Expense related to dropped ADR listing plan allowable as revenue

ACIT Vs. Nicholas Piramal India Ltd. (ITAT Mumbai)

ACIT Vs. Nicholas Piramal India Ltd. (ITAT Mumbai) We notice that assessee has incurred consultancy charges to list the ‘ADR’ in ‘NYSE’ and later dropped this project. The AO treated the expenditure as capital and disallowed the same and simultaneously, invoked provision of section 40(a)(i) and 195 of the Act. We notice that in th...

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ITAT deletes presumptuous addition made without application of mind

Sudhir Chandra Datt Vs ACIT (ITAT Jabalpur)

Sudhir Chandra Datt Vs ACIT (ITAT Jabalpur) It is an admitted fact that the Township project, work-in-progress (WIP) of which it claims as undervalued, is on the outskirts of Jabalpur, as opposed to the other two, located in the midst of the city. Land cost is a substantial part of a real estate project cost. […]...

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Expense on purchase of precious metals for repair of machineries allowable

Schott Glass India Pvt. Ltd Vs. ITO (ITAT Mumbai)

Schott Glass India Pvt. Ltd Vs. ITO (ITAT Mumbai) We notice that assessee is in the business of manufacturing glass tubes and in the manufacturing, the melted glass has to pass thru feeder/nozzles in the furnaces. The temperature in which the melted glass is passed through feeder or nozzles at 1600 degree or more. It […]...

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No Section 263 proceeding if AO taken one of the possible view

Vodafone India Ltd. Vs PCIT (ITAT Mumbai)

Vodafone India Ltd. Vs PCIT (ITAT Mumbai) It was argued by the ld. AR that the learned Principal Commissioner of Income-tax [‘PCIT’] erred in assuming jurisdiction and initiating proceeding under section 263 of the Income-tax Act, 1961 (‘Act’) since the order passed by the Assessing Officer (‘AO’) was neither ‘erroneous’ n...

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No TP adjustments for business advances given to AE where Assessee himself is ultimate beneficiary

KEC International Ltd. Vs. DCIT (ITAT Mumbai)

KEC International Ltd. Vs. DCIT (ITAT Mumbai) In this case The undisputed position that emerges are that the advances have been given by the assessee to an entity in which it held 50% share. The assessee has entered into a Joint Venture (JV) agreement with an entity namely Edison Jehamo Power (PTY) Ltd. (EJP) on […]...

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Foreign Exchange Fluctuation Loss arising out of Re-Statement of ECB Allowed

Pharmabase India P. Ltd. V DCIT. (ITAT Mumbai)

Whether CIT(A) was justified in confirming the disallowance of foreign exchange fluctuation loss arising out of re-statement of External Commercial Borrowings (ECB) at the year end rates in accordance with AS-11?...

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No disallowance of discount for Non-Deduction of TDS

Dish Tv India Limited Vs. ACIT (ITAT Mumbai)

Whether disallowing expenditure in the nature of discount under section 40(a)(ia) for non-deduction of tax u/s 194J by considering it as commission is justified in law?...

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No Section 14A addition if no exempt income earned in relevant year

DCIT Vs Asset Auto India Pvt. Ltd (ITAT Mumbai)

DCIT Vs Asset Auto India Pvt. Ltd (ITAT Mumbai) The fact remains that no exempt income was earned by the assessee during the year under consideration. The Ld. CIT(A) has rightly followed the judgement of the Hon’ble Delhi High Court in Holcim India (P.) Ltd (supra).; IL & FS Energy Development Company Ltd (supra), where […]...

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