ITAT Mumbai

Addition for unexplained share capital & premium without providing third party statement & cross examination unsustainable

Sahakar Global Ltd. Vs DCIT (ITAT Mumbai)

Sahakar Global Ltd. Vs DCIT (ITAT Mumbai) Issue-  Addition of Rs. 3,50,00,000/- as unexplained cash credit u/s. 68 in respect of amount received during the year as share capital and premium from M/s. Vanguard Jewels Ltd, Ansh Merchandise Pvt Ltd., Alka Diamond Industries Ltd & Talent Infoway Pvt Ltd. Held: Additions have primarily be...

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Tax on Income from cloud/web hosting services under India-USA Treaty

Trimble Solutions Corporation Vs DCIT (ITAT Mumbai)

Income from cloud hosting services is erroneously held as royalty within the meaning of explanation 2 to section 9(l)(vi) of the Income Tax Act, 1961 (the Act) as well as Article 12(3)(b) of the India - US tax treaty...

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TDS not deductible on Salary of seconded employee if deducted by Holding Company

Hexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai)

Hexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai) Learned Sr. DR fairly agreed that in case the holding company MIDCO Limited has deducted the TDS on salary paid to these employees no further requirement of TDS on principle but assessee has to produce evidence before the Assessing Officer. Hence, on Principle, we are [&hellip...

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Once property let out it loses its character as a business asset

Nutech Engineering Technologies Ltd. Vs DCIT (ITAT Mumbai)

Nutech Engineering Technologies Ltd. Vs DCIT (ITAT Mumbai) We noted that the assessee has claimed depreciation on the property sold as Lunkard Sky Max of 17 units in AYs 2010-11 and 2011-12. But from AY 2012-13 i.e. Financial Year 2011-12 out of 17 units 7 units were given on rent and accordingly rental income was […]...

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Singapore Entity can carry forward short-term capital losses

Goldman Sachs India Investments (Singapore) PTE Limited Vs DCIT (ITAT Mumbai)

The provisions of the DTAA cannot be thrusted upon the Assessee simply because the Assessee is a tax resident of a country with which India has entered into a tax treaty or on account of the mere perception of the AO that the Assessee may claim benefits under the tax treaty in subsequent years. 2. Short term losses should be eligible to b...

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Demand for disallowance of Depreciation on 3G Spectrum Fees: ITAT grants Stay to Vodafone Idea

Vodafone Idea Ltd. Vs DCIT (ITAT Mumbai)

Vodafone Idea Ltd. Vs DCIT (ITAT Mumbai) We find that in the instant case, the AO had made disallowance on depreciation on 3G Spectrum Fees to the tune of Rs. 408.01 crores. And if the said disallowance is ignored, the net result of remaining additions would only result in assessed loss and hence no tax […]...

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Interest on Enhanced Compensation from Govt for compulsory Land Acquisition is exempt from tax

Paramjeeet Singh Vs ACIT (ITAT Delhi)

Paramjeeet Singh Vs ACIT (ITAT Delhi) It is pertinent to note that the assessee’s land was acquired by the Government and he received total compensation of Rs. 2,56,29,932/- from land acquisition officer Panchkula which include interest on enhanced compensation of Rs. 1,08,62,416/- and assessee claimed this interest received on enhanced...

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No section 40(a)(ia) disallowance  on cost sharing reimbursements without TDS deduction

DCIT Vs Pfizer Products(India) Pvt Ltd. (ITAT Mumbai)

DCIT Vs Pfizer Products (India) Pvt Ltd. (ITAT Mumbai) In terms of the agreement with M/s. Pfizer Ltd., assessee was sharing services of certain employees and other facilities which belonged to M/s. Pfizer Ltd. The reimbursement of such expenses due or paid to M/s. Pfizer Ltd. amounts to Rs.14,51,77,000/- and has been included under the [...

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Reasons recorded cannot be substituted at a later point in time by subsequent evidences

Red Hat India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Red Hat India Pvt. Ltd. Vs DCIT (ITAT Mumbai) From the bare reading of the proviso to section 147 of the Act, it is mandatory on the part of the ld AO to duly mention in the reasons recorded itself as to whether there is any failure on the part of the assessee in disclosing […]...

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ITAT grants stay on demands of Rs. 3786 Cr on account of DDT

Grasim Industries Limited Vs DCIT (ITAT Mumbai)

Grasim Industries Limited Vs DCIT (ITAT Mumbai) By way of this stay application, the assessee applicant has sought a stay on collection/ recovery of tax and interest demands aggregating to Rs 3,786.34 crores in respect of the dividend distribution tax (DDT), and interest thereon, under section 115O/115Q r.w.s. 2(22)(a) of the Income Tax...

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