ITAT Mumbai

Expenditure on issue of FCCB allowable as revenue expense

Dy. CIT Vs Reliance Natural Resources Ltd. (ITAT Mumbai)

FCCB is akin to borrowings made by issuing debentures and both of them are different types of debt instruments only. Accordingly it was held in the case of Prime Focus Ltd. (supra), that the expenses incurred in connection with FCCB are revenue in nature. ...

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Assessment U/s 153A: ITAT clarifies on Abatement of completed assessment

Jawahar B. Purohit Vs. Asst. CIT & Ors. (ITAT Mumbai)

Where search was conducted and addition was made by AO in respect of completed assessment on the basis of the entries found recorded in regular books of account of the assessee and no material evidence was unearthed during search, AO was not justified since completed assessment could not be disturbed in absence of contrary material found ...

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Waiver of loan taken on capital account cannot be taxed U/s. 41(1)

Shrm Food & Allied Services (P) Ltd. Vs ITO (ITAT Mumbai)

Total dues payable by the Bank consisted of principal component and interest component. The principal Component being a loan in respect of which no deduction, benefit or loss was either claimed or allowed, was transferred to Capital Reserve Account and interest component was duly credited to the Profit and Loss Account and also offered to...

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MAT not applicable to companies following accounting policies under Electricity Supply act

D C I T- 14(3)(1) Vs. M/s Reliance Infrastructure Ltd. (ITAT Mumbai)

Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that it is need not be to compute Minimum Alternate Tax when the assessee maintaining books of accounts under the regulatory act instead of companies act under Section 115JB of the Income Tax Act 1961. ...

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No disallowance for commission paid to director which already been show in his ITR by Director

M/s. Kshitij Interiors Pvt. Ltd. Vs. DCIT OSD- 8(2) (ITAT Mumbai)

M/s. Kshitij Interiors Pvt. Ltd. Vs. DCIT (ITAT Mumbai) From the record we found that commission was paid to Mr. Bhawarlal Sharma, whole time Director of the Company, for the services rendered by him to the Company. The Director has rendered technical services to the assessee company. The commission so paid is for the services […]...

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Addition for Bogus Purchase cannot be made merely based on information received from Sales Tax Department

ITO Vs. Prompt Toys (P.) Ltd. (ITAT Mumbai)

The assessee further contended that additions cannot be made towards purchases merely on the basis of third party information ignoring the evidences filed to justify purchases. The assessee further contended before the lower authorities that the assessing officer neither pointed out any error or discrepancy in the books of account nor did...

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Exemption u/s. 54 is available even in respect of two house property / flats

Mr. George Britto Jesudas Vs. ITO (ITAT Mumbai)

Assessee has invested more than the sale proceeds of the industrial gala for purchase of two flats. Respectfully following the decision of Karnataka High Court,we do not find any merit for decline of assessee’s claim of deduction u/s.54 for investment in two flats out of sale proceeds of long term capital gains within the stipulated per...

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Cessation of liability U/s. 41(1) cannot be presumed, merely because liability remained unpaid for a period of 3 years

ITO Vs. Thadaram Khaldas Tolani (ITAT Mumbai)

Merely on the reasoning that liability in respect of some of the sundry creditors have remained outstanding for about three years the assessing officer has concluded that they have to be treated as income of the assessee in the impugned assessment year as they have ceased to exist as per section 41(1) of the Act. ...

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No seizure of Jewellery If gross weight disclosed in regular return exceeds jewellery found during search

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai)

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making for jewellery to be undisclosed. According...

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In case of jointly owned property interest is allowable to the extent of share in property

Mrs. Shardaben Bhavani Vs. ITO (ITAT Mumbai)

Mrs. Shardaben Bhavani Vs. ITO (ITAT Mumbai) Dis allowance of the claim of interest on housing loan of Rs. 1,50,000/- raised by the assessee u/s 24(b) in her return of income, but disallowed by the A.O and thereafter sustained by the CIT(A). We are of the considered view that as observed by us herein above, […]...

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