ITAT Mumbai

Money received for issuing shares has to treated a capital receipt and cannot be taxed

Supermax Personal Care Private Limited Vs. ACIT (ITAT Mumbai)

Challenging the order,dated 30/09/2016 CIT(A)- Mumbai-I the assessee has filed the present appeal.Assessee-Company,engaged in the business of manufacturing and selling of shaving products and systems,filed its original return of income on 30/11/2011 declaring total Loss at Rs.19.78 crores.The Assessing Officer (AO)completed assessment u/...

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Upfront fees paid to AAI is a commercial right entitled to depreciation @ 25%

Mumbai International Airport P Ltd. Vs DCIT (ITAT Mumbai)

Mumbai International Airport : Upfront fees paid to the Airports Authority of India (AAI) is a commercial right entitled to depreciation @ 25% relating to intangible assets...

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No Cessation of liability if Amount forfeited is subject matter of civil suit and cannot be taxed

Bharat Enterprises Vs ACIT (ITAT Mumbai)

Where amount forfeited by assessee against cancellation of booking of flat was subject-matter of civil suit, it could not be said that there was cessation of liability so as to tax such amount as assessee’s income....

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Tribunal cannot pass order beyond 3 months of conclusion of hearing of appeal

Cromption Greaves Limited Vs. CIT (ITAT Mumbai)

Cromption Greaves Limited Vs. CIT (ITAT Mumbai) This M.A. has been filed by the assessee seeking recall of the order of the tribunal in ITA no. 1994/Mum/2013 dated 01-02-2016 . The learned counsel for the assessee pressed only one ground before the Bench that the tribunal order dated 01-02-2016 was passed beyond period of 90 […]...

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Revised return not become invalid merely for filing after issue of Notice U/s. 143(2)

Shri Mahesh H. Hinduja Vs. ITO( ITAT Mumbai)

Shri Mahesh H. Hinduja Vs. ITO( ITAT Mumbai) As could be seen from the facts on record, in the original return of income the assessee had neither declared the long term capital gain nor has claimed deduction under section 54 of the Act. Further, the rental income offered in the original return of income was lesser than the amount actua...

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S. 69C Bogus Purchases: Right of cross-examination is not absolute

Soman Sun Citi Vs JT. CIT (ITAT Mumbai)

This appeal, filed by the assesseee, being ITA No. 2960/Mum/2016, is directed against the appellate order dated 16.02.2016 passed by learned Commissioner of Income Tax (Appeals)-3, Thane (hereinafter called the CIT(A)), for assessment year 2011-12, appellate proceedings had arisen before learned CIT(A) from the assessment order dated 25.0...

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Payment by firm to ex-partners or to spouses of deceased partners cannot be treated as application of money

The Astt. CIT-11(2) Vs. M/s. Deloitte Haskins & Sells (ITAT Mumbai)

Granting tax relief to Deloitte India, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions relating to Tax deduction at Source (TDS) are not applicable to the professional fee paid by them to its Group Entities in US and Singapore....

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Addition justified for huge gifts on failure to prove genuineness

Kamlesh Parwani Vs Income-Tax Officer (ITAT Mumbai)

The captioned appeal by assessee for Assessment Year [AY] 2005-06 contest the order of Ld. Commissioner of Income-Tax (Appeals)-18 [CIT(A)], Mumbai, Appeal No.CIT(A)-18/T-62/ITO 19(3) (2)/10-11 dated 14/01/2013 qua confirmation of certain addition on account of cash credit u/s 68 for Rs.4 Lacs....

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Gift of property in pursuance of family arrangement cannot be taxed

Mrs. Jyoti Rakesh Kapoor Vs Income Tax Officer (ITAT Mumbai)

The learned CIT (Appeal) has erred in law and on the facts of the case in sustaining the order of the assessing officer holding that gift made by the assessee towards relinquishing 50% interest in the flat No. 52 at Ajanta Apartment, Colaba, Mumbai is a transfer within the meaning of section 2(47) of the Income Tax Act....

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AO not justified in treating share application money as unexplained without rebutting evidences filed by Assessee

Shakti Hardware Collection Pvt. Ltd Vs DCIT (ITAT Mumbai)

Where assessee having received share capital furnished evidences, i.e. addresses, PAN No., copies of returns and bank statements of subscribers, etc., AO was not justified in treating share application money as unexplained without rebutting such evidences....

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