ITAT Mumbai

CIT’s Section 263 Jurisdiction on AO’s Failure to Initiate Penalty justified

Anjis Developers Private Limited Vs PCIT (ITAT Mumbai)

ITAT held that non-initiation of penalty proceedings under section 270A by the AO, in light of the addition made under the head ‘income from house property’, rendered the assessment order erroneous and prejudicial to the Revenue's interest....

Section 80P(2)(a)(i) deduction not allowed if not claimed in Tax Return

Datta Prasad Sahakari Patsanstha Ltd Vs ITO (ITAT Mumbai)

Explore the ITAT Mumbai's ruling on Datta Prasad Sahakari Patsanstha's appeal against the denial of deduction under section 80P(2)(a)(i) for the assessment year 2011-12....

ITAT deletes addition for Long Term Capital Gain from shares of Pine Animation Ltd.

ACIT Vs Priyanka Ankit Miglani (ITAT Mumbai)

Delve into the detailed analysis of the ITAT Mumbai ruling in ACIT Vs Priyanka Ankit Miglani case regarding long-term capital gains from share sales and the application of Section 10(38) of the Income Tax Act....

Section 14A Disallowance & Additional Depreciation in Section 115JB Book Profit Calculation

ATC Global Logistics Pvt. Ltd. Vs ACIT (ITAT Mumbai)

ITAT Mumbai decides on disallowances under Section 14A and additional depreciation in book profits under Section 115JB in ATC Global Logistics vs ACIT case. ...

ITAT Allows Section 80-IC Deduction as ITR filed with Form 10CCB

Supreme Treon Pvt. Ltd. Vs DCIT (ITAT Mumbai)

In the case of Supreme Treon Pvt. Ltd. Vs DCIT, ITAT Mumbai allows deduction under section 80-IC of the Income Tax Act for ITR filed with Form 10CCB....

Loss or low profit cannot be reason for exclusion of comparables for computing ALP: ITAT Mumbai

Star Television Entertainment Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that exclusion of comparables for the reason that those companies are loss making or low profit making is not correct. Accordingly, TPO directed to include these comparables and re-compute the Arm’s Length Price (ALP)....

No Section 271G Penalty Without Transfer Pricing Adjustment

ACIT Vs Eurostar Diamonds India Pvt Ltd. (ITAT Mumbai)

ITAT Mumbai rules against penalty under Sec 271G for a diamond trader's failure to provide segmental information, emphasizing substantial compliance....

Technical Glitch No Basis to Deny Section 80IB deduction: ITAT Mumbai

S.K. Ventures Vs DCIT (ITAT Mumbai)

Mumbai ITAT rules in favor of S.K. Ventures, ensuring taxpayers' right to Sec 80IB deduction is protected despite e-filing technical issues for AY 2017-18....

CIT(A)’s Blind Endorsement of AO’s Action Breaches Sec. 250(6) Compliance: ITAT Mumbai

Rajkumar Anandchand Jain Vs DCIT (ITAT Mumbai)

Mumbai ITAT reinstates appeal due to CIT(A)'s failure to consider case merits in Rajkumar Anandchand Jain Vs DCIT, emphasizing proper legal procedures....

Section 68 applies when amount credited in assessee’s books lacks satisfactory explanation

ITO Vs Winstar E Com Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai rules Sec 68 invoked only if taxpayer can't explain credits in books, highlighting the importance of genuine transactions for AY 2011-12, 2012-13....

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February 2024