ITAT Mumbai

No Penalty U/s. 271(1)(c ) for human error with no willful concealment

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai) When there was no willful concealment and mistake involved human error, penalty under section 271(1)(c ) deleted...

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Company cannot be treated as comparable due to unreliability of its financial data

Travelex India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

As regards comparability of Maple e–solutions Ltd., it has now been well settled through various judicial precedents that this company cannot be treated as comparable due to unreliability of its financial data. ...

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CIT(A) cannot permit an assessee to withdraw an appeal or dismiss it in limine

Ms Deekay Gears Vs ACIT (ITAT Mumbai)

Ms Deekay Gears Vs ACIT (ITAT Mumbai) Undisputedly, in the course of proceedings before the first appellate authority the assessee had filed letter dated 19thSeptember 2017, seeking withdrawal of the appeal. Taking note of the said letter, learned Commissioner (Appeals) dismissed assessee’s appeal in limine without deciding it on merit....

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Sec. 54 deduction available on purchase of flats even if investment was not made out of sale proceeds

Neelam Nananni Vs Income Tax Officer (ITAT Mumbai)

Neelam Nananni Vs ITO (ITAT Mumbai) Conclusion: Deduction under section 54 was available on purchase of  new flats by assessee from long-term capital gain earned on sale of old asset even if investment was not made out of the proceeds of capital gain. Held: Assessee earned a long-term capital gain on the sale of immovable […]...

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Depreciation claimed in revised return cannot be denied for non-claim in original return

Gilbarco Veeder Root India Private Limited Vs Dy. CIT (ITAT Mumbai)

Since assessee had duly filed revised return within the mandate of section 139(5), therefore, the same could not be treated as non est and claim of depreciation in revised return could not be denied on the ground that it was not claimed in original return and also, assessee was not required to seek condonation of delay in terms of section...

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No tax on Retirement compensation from Partnership firm based on revaluation of Assets

M/s. D.S. Corporation Vs ITO (ITAT Mumbai)

Retiring partners did not acquire any right in the revalued property and what they got on retirement was only money equivalent to enhanced portion of the assets re-valued which did not constitute capital asset under section 2(14) and payment of the said money by assessee-firm to retiring partners could not give rise to capital gain under ...

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Sec 194A TDS deductible on interest on loan availed for vehicle purchase

Asstt. Commissioner of Income Tax Vs Ms. Krystal Aviation Services Pvt. Ltd. (ITAT Mumbai)

TDS under section 194A was  liable to be deducted on amount paid towards interest on loan availed for purchasing a vehicle even when the amount in question was debited from the account of assessee through ECS and disallowance under section 40(a)(ia) was to be made for non-deduction of tax at source even when nothing remained outstanding ...

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Addl CIT cannot exercise powers of AO without valid jurisdictions U/s. 120(4)(b

ACIT Vs M/s Tata Sons Ltd., Bombay House (ITAT Mumbai)

In the absence of a valid order u/s 120(4)(b) as well as section 127(1) of the Act the Additional Commissioner of Income Tax could not have exercised powers of an Assessing Officer to pass the impugned assessment order....

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Sec 54 exemption allowable on property purchased outside India prior to amendment in 2015

I.T.O. Vs Shri Mahesh Gobind Dalamal (ITAT Mumbai)

Conclusion: Exemption under Section 54 was available to assessee for properties purchased in foreign countries as there was no condition in the provision that the property must be purchased in India prior to amendment in the provision in 2015....

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Income from Letting out space on terrace of building to mobile companies is Income from house property

Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai)

Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai) Undisputedly, the assessee has derived rental income from letting out space in the terrace of the building to mobile companies for installing their mobile tower / antenna. It is also a fact that the assessee has offered such rental income as income from house [...

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