ITAT Mumbai

Disallowance U/s. 14A untenable in absence of Non-recording of satisfaction

Smartchem Technologies Ltd. Vs. ACIT (ITAT Mumbai)

Phraseology of section 14A of the Act itself specifies that the satisfaction contemplated is required to be arrived at having regard to the accounts, an approach which is conspicuous by its absence in the present case....

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Penalty U/s. 271(1)(c) for mere change of head of income is not justified

Assistant Commissioner of Income Tax Vs Krishna C. Tandon (HUF) (ITAT Mumbai)

ACIT Vs Krishna C. Tandon (HUF) (ITAT Mumbai) In this case penalty proceedings were initiated during quantum assessment for furnishing of inaccurate particulars. The assessee contested the same on the premises that full particulars were furnished in the return of income and there was no concealment of income and mere change of head of inc...

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Amenity charges forming part of same transaction is assessable as House Property Income

Prakash Datta Samant Vs. Assistant Commissioner Of Income Tax (ITAT Mumbai)

A bare perusal of nature of services, prima facie, reveals that the said services were of general in nature which is usually provided by the landlord to the tenant. Therefore, amenity charges, in our opinion, being part and parcel of same transaction, were asses sable as Income from House Property....

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No Penalty for Bonafide Mistake in original Return which was revised later

Shri Laxminarayan S. Yadav Vs. Asst. Commissioner of Income Tax (ITAT Mumbai)

Assessing Officer that the actual investment made in the new residential house is Rs. 20 lakh, but, he has also filed a revised computation of income on 20th November 2012, offering taxable long term capital gain at a higher figure of Rs. 24,98,488. It is also a fact on record that the Assessing Officer has accepted the income shown in th...

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Bogus purchases: Assessee Failed to prove existence of parties, ITAT estimated net profit at 12.5%

Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai)

Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) In this case assessing officers main allegation is that  two parties from whom appellant made purchases are involved in providing accommodation entries as per the list published by Maharashtra Sales Tax Department. On the other hand, assessee has furnished certain evidences in the form of ...

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Expenditure on improvement of existing business is revenue expense

Spectrum Coal & Power Ltd. Vs ACIT (ITAT Mumbai)

Spectrum Coal & Power Ltd. Vs ACIT (ITAT Mumbai);  We noted that coal beneficiation has been defined as cost effective and significant step towards improving power plant efficiency and reducing the GHG emissions from the coal fired power plants in India would be to increase the availability of clean beneficiated coals using appropria...

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AO cannot treat allotment letter as fake in absence of any evidence

Miss Indira Vasanji Shah Vs. DCIT (ITAT Mumbai)

The Income Tax Appellate Tribunal (Mumbai) has held that, Income from Capital Asset is Capital Gain and not business Income even if Assessee was regularly booking Flats and Selling the same. Any kind of Income from Capital Assets held by the Assessee whether or not connected with his business of profession earned must be treated as capita...

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Govt subsidy not related to any specific assets cannot be reduced from cost of asset

Spectrum Coal & Power Ltd. Vs. ACIT (ITAT Mumbai)

Receipt of grant from US Aid through ICICI to create an institutional environment for technological innovations could not be regarded as meeting of cost of specific asset by Central Government or State Government or any authority established by any law in India or any other person, so as to cause Explanation 10 to section 43(1) get attrac...

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Compensation received for providing amenities is taxable as income from house property

Star Gold Pvt. Ltd. Vs. Dy. CIT (ITAT Mumbai)

Receipts towards amenities are to be considered as part of rental income. However, the expenses incurred towards security service and pantry services are not connected to the rental income and hence, they should be deducted from the receipts from amenities....

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Penalty for not getting accounts audited not leviable for bona fide reliance on ICAI ‘Note on Tax Audit U/s.44AB’

Narendra A Sheth Vs. ITO (ITAT Mumbai)

In reply to the show-cause notice for initiation of penalty, the assessee has replied that he is a Sr. Citizen; his accounts are looked after by Accountant. The accountant of the assessee is not qualified person. The assessee was under bona fide belief that accounts are not required to be issued under section 44AB of the Act....

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