ITAT Mumbai

ITAT allows Section 54 Exemption on Notional value of Flat to be constructed in future time

ITO Vs Sanika Avadhoot Shilotri (ITAT Mumbai)

ITO Vs Sanika Avadhoot Shilotri (ITAT Mumbai) When the developer failed to provide original flat then it had offered another flat in the building which was to be constructed on a future date. When the assessee has booked the flat that property was not in existing and it was a property to be constructed in […]...

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No markup chargeable in case of pure reimbursement of expenditure by AE

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

Capgemini India Pvt. Ltd. Vs DCIT (ITAT Mumbai) Facts- Assessee filed its return of income on 7 October 2010 declaring income of ₹113,19,82,875/-. As the assessee has entered into several international transactions, reference was made to the Learned Additional Commissioner of Income-Tax, Transfer Pricing, 1(3), Mumbai for determination ...

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Deemed Dividend – Accumulated profit includes Profit up to date of payment

Sanjay Subhashchand Gupta Vs ACIT (ITAT Mumbai)

Sanjay Subhashchand Gupta Vs ACIT (ITAT Mumbai) As per the provisions of section 2(22)(e), loan or advance paid by a company shall be considered as deemed dividend on fulfillment of following conditions (i) the company must be a company in which the public is not substantially interested; (ii) such a company has given advance or […...

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Interest/dividend from Co-Op Bank eligible for section 80P deduction

Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai)

Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) Brief facts are that the assessee is The Indian Bank Employees Cooperative Credit Society Limited. On perusal of the profit and loss account and the computation of income, the Assessing Officer observed that the assessee has offered net income from business and ...

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Computer Software entitled to 60% depreciation

Arkema Chemicals India P. Ltd. Vs ACIT (ITAT Mumbai)

Part B of New Appendix I is a general entry whereas Entry 5 of Part A of New Appendix I is a specific entry read with Note 7. Tribunal held that assessee is eligible to claim depreciation at 60% of Computer Software....

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Donation to Mosque not allowable as Business Expense

M.D. Noorudin Zariwala Vs CIT (ITAT Mumbai)

M.D. Noorudin Zariwala Vs CIT (ITAT Mumbai) Disallowance of amount  paid to Mosque and debited as donation- It is evident from the letter of mosque produced by the assessee that the free lunch used to be provided by the mosque labourers/artisan etc. in that area. The facility of the assessee happened to be in vicinity […]...

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Tax on royalty from trademark of ‘brand’ Marriott’ – ITAT referred matter back to AO

Marriott International Inc C/o. Marriott Hotels India Private Limited Vs DCIT (ITAT Mumbai)

Marriott International Inc Vs DCIT (ITAT Mumbai) The only issue involved in this appeal is that income of royalty arising out of the above trademark of ‘brand’ Marriott’ is taxable in the hands of the assessee or not. Now, assessee has given a registration certificate dated 21st august, 2006 and covers above assessment years...

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Reopening on wrong assumption of facts by AO cannot be sustained

DCIT Vs R.S. Associates Commerz (ITAT Mumbai)

ITAT held that that the A.O. has ventured on a wrong assumption of facts though the agreement was available on hand with the A.O. in the original assessment proceedings. Considering the facts and circumstances are of the opinion that the reopening on the wrong assumption of facts by the assessing officer cannot be sustained....

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Legal Expenses to Defend Criminal Charges against Directors Allowable

Majestic Infracon Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Majestic Infracon Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT held that expenses incurred even for defending the directors and their relatives in criminal litigations are admissible expenses provided that are incurred in order to protect the business interest of the assessee. The undisputed facts are that the directors of the assessee company an...

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Income Tax proceedings cannot continue against corporate debtor during pendency of insolvency proceedings

DCIT Vs Uttam Galva Steel Ltd. (ITAT Mumbai)

We find that in view of Section 14 of IBC 2016 no proceedings can continue against the corporate debtor during the pendency of insolvency proceedings....

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