ITAT Mumbai

MAT on provision for card receivables (NPA) written back by NBFC

Bobcards Limited Vs ACIT (ITAT Mumbai)

Provision for card receivables (NPA) could not be said to be a provision for liability, because even if debt was not recoverable no liability could be fastened upon assessee. Clause (c) of Expln. to section 115JA did not get attracted and AO was not justified in adding back provision for card receivables (NPA) writen back while computing ...

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Interest expense having direct nexus with interest income is allowable

DCIT Vs Asian Infra Projects Private Limited (ITAT Mumbai)

DCIT Vs Asian Infra Projects Private Limited (ITAT Mumbai) It is quite evident that the business of the assessee was already set-up since the assessee had already reflected income from real estate business during AY 2008-09. The perusal of assessee’s financial statements for year under consideration would show that the assessee has obta...

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Addition cannot be made merely based on AIR Information

Nozaki Finance & Investment (P) Ltd. Vs DCIT (ITAT Mumbai)

Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what has been reported in its books of account, therefore, no addition could be made based on the AIR and ledger of the payer...

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Payment to parent company for copyrighted software on principle to principle basis cannot be treated royalty

Aveva Information Technology India (P) Ltd. Vs DCIT (ITAT Mumbai)

Payment to parent company for copyrighted software on principle to principle basis cannot be treated royalty and TDS not applicable on payment to parent company not having PE in India....

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Set-off & carry forward of Accumulated loss & unabsorbed depreciation related to amalgamating company – Condition of minimum level of production

Embio Limited Vs ACIT (ITAT Mumbai)

A perusal of sub-section (2) of section 72A read with rule 9C reveals that condition of minimum level of production is to be seen at the end of four years and in case of non-fulfillment of the same set-off of accumulated losses and unabsorbed depreciation, already claimed, would be chargeable to tax as income of the fourth year as per sub...

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CIT not justified in invoking revisionary jurisdiction on issue decided by AO by taking a possible view

Direct Media Distribution Ventures Pvt. Ltd. Vs Pr. CIT (ITAT Mumbai)

Hon’ble Supreme Court had categorically held that the twin conditions are to be satisfied cumulatively by the ld CIT before invoking his jurisdiction u/s 263 of the Act viz (i) order of the AO should be erroneous and (ii) it should be prejuducial to the interests of the revenue...

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Addition only for difference of GP on Normal & Bogus Purchase

Hemant M Mehta HUF Vs ACIT (ITAT Mumbai)

Hemant M Mehta HUF Vs A.C.I.T. (ITAT Mumbai) In case of bogus purchases where sales are accepted, the addition is required to be made only to the extent of difference between the GP declared by the assessee on normal purchases vis a vis bogus purchases. Respectfully following the order of the Hon’ble Jurisdictional High Court […]...

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Section 56(2)(viia) not applies to a foreign company prior to 1.4.2019

Keva Industries Pvt. Ltd C/O. Vs ITO (ITAT Mumbai)

Keva Industries Pvt. Ltd Vs ITO (ITAT Mumbai) We find that there is no dispute that the assessee company had acquired the shares of a foreign company from its directors. We also find the provisions of section 56(2)(viia) of the Act refers to transaction of acquisition of any property being shares of a company not […]...

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Claim of assessee cannot be rejected for not claiming by way of a valid return

ITO Vs Mr. Prabhakar Raghavendra Rao (ITAT Mumbai)

AO had duly adjudicated the same on merits in the assessment order itself and hence there is no question of said claim of assessee getting rejected for not claiming the same by way of a valid return....

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Interest Income of CHS from Co-op Bank entitled for Section 80P (2)(d) deduction

Solitaire CHS Ltd. Vs PCIT (ITAT Mumbai)

Though the co-operative banks pursuant to the insertion of sub­section (4) to Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but as a co-operative bank continues to be a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being i...

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