ITAT Mumbai

Brokerage, electricity, legal expenses not allowable in calculation of House Property Income

Ranjeet D Vaswani Vs The. ACIT-12(3) (ITAT Mumbai)

While calculating annual rental value for Income from House Property,  expenses like brokerage, electricity expenses, legal expenses and bank charges would not be allowed as permissible expenditures as these expenses are not covered under sections 23 and 24 of Income Tax Act, 1961 as permissible expenditure. Full Text of the ITAT Order i...

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ITAT Section 54EC exemption for Investing in REC Bonds of Rs.50 Lakh each in 2 Financial Years for A.Y. prior to 2015-16

Asst. C.I.T Vs Shri Upendra C. Parekh (ITAT Mumbai)

Government only intended to restrict the investment in a particular financial year and accordingly has fixed the limit of Rs. 50,00,000/- as permissible limit in a particular financial year. The Government did not intend to restrict the maximum amount of exemption permissible under Section 54EC....

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Additional grounds with evidences admitted by Tribunal for the sake of justice

Nivea India Private Ltd Vs DCIT (ITAT Mumbai)

The learned AR argued the assessee was entitled to raise additional ground of appeal before the Tribunal, even though the claim had not been made either before Income-tax Officer/AO or the First Appellate Authority. It was further argued that the additional ground of appeal raised by assessee was purely legal in nature....

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Addition for peak balance of bogus purchases not sustainable if AO not disputed genuineness of sales, Stock Register

Asst. CIT 19(3) Vs. M/s. Steel Line (India) (ITAT Mumbai)

Bogus Purchases: If the AO has not disputed the genuineness of sales and the quantitative details and the day to day stock register maintained by the assessee, a trader, he cannot make an addition in respect of peak balance of the bogus purchases. He can only determine the element of profit embedded in the bogus purchases. On facts, the a...

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There can be no tax liability without the authority of law : ITAT Mumbai

Nivea India Private Ltd Vs DCIT (ITAT Mumbai)

This appeal by assessee u/s 253 of Income Tax Act (the Act) is directed against the order of ld. Commissioner of Income-tax (Appeals)-15, Mumbai dated 16.10.2012 for Assessment Year 2007-08. The assessee has raised the following grounds of appeal...

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‘Tax Effect’ do not include Interest for calculation of Appeal filing limit

DCIT Vs Shri Ubaid Patel (ITAT Mumbai)

No appeal should be filed before Tribunal in case tax effect does not exceed Rs.10 lakhs. The tax effect means the difference between tax on the total income assessed and tax that what have been chargeable had such total income been reduced by the amount of income in respect of issues against which appeal is intended to be filed. This cir...

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USA is not a person or authority under the Indian Income Tax Act

Spectrum Coal & Power Ltd Vs ACIT (ITAT Mumbai)

USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production...

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ITAT explains theory of ‘preponderance of probability’, rejection of books and best judgement assessment

M/s. GTC Industries Limited Tobacco House, Vs ACIT (ITAT Mumbai)

In situations like this case, one may fall into realm of “preponderance of probability” where there are many probable factors, some in favour of the assessee and some may go against the assessee. But the probable factors have to be weighed on material facts so collected....

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Tribunal cannot condone delay in filing Miscellaneous Application

DCIT Vs Hita Land Private Limited (ITAT Mumbai)

The Tribunal has been given power to admit an appeal after the expiry of the relevant period, if it is satisfied that there was sufficient cause for not presenting it within that period as per Section 253(5). However, this Tribunal is not enshrined with such powers in respect of a miscellaneous petition filed u/s 254(2) of the Income Tax ...

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Section 50C cannot be applied if valuation difference is less than 10%

M/s. John Fowler (India) Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Mumbai)

A welcome decision of Mumbai ITAT in respect of the charging of capital gain on the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee...

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