In the case of ITO Vs Raj Maitry & Eskon Developer, ITAT Mumbai decides advance received from customers isn’t income under section 68. Detailed analysis of the ruling.
Learn how ITAT Mumbai overturned a decision to disallow excessive commission paid by Srinathji Yamunaji Enterprises, citing lack of evidence and business necessity.
ITAT Mumbai held that addition under section 68 of the Income Tax Act unsustainable as assessee has established the genuineness of purchase and sale of shares by producing documentary evidence and transaction of purchase and sale of shares is done via banking channel.
ITAT Mumbai held that the ESOP expenses claimed by the assessee is an allowable expenditure under section 37(1) of the Income Tax Act.
Gold Plus Toughened Glass Ltd. appeals ITAT Mumbai’s decision confirming addition of unutilized CENVAT credit to closing stock value as per IT Act.
Chandan Realtors Pvt. Ltd vs ITO (ITAT Mumbai) case analyzed. Liability of directors post company dissolution upheld. Read the detailed analysis and conclusion here.
In Coronation Cigar Co. Vs DCIT (ITAT Mumbai), payments towards PF and ESI made before the due date of filing Income Tax Return are not disallowed under section 139(1) of the Act. Read the detailed analysis here.
JPR Investments vs ACIT (ITAT Mumbai): Interest cost can’t be claimed as business expenditure for shares investment, directs recompute of STCG.
Read how ITAT Mumbai ruled in Jatin Enterprises vs ACIT case, quashing a penalty notice containing concealed and inaccurate income particulars.
ITAT Mumbai affirms 12.5% profit addition confirmed by NFAC in ITO Vs Rajesh Amulakhrai Sanghvi case for AY 2009-10. Detailed analysis of the order and its implications.
