In a landmark ruling, the Income Tax Appellate Tribunal has held that tax disallowance under Section 14A must be limited to investments that yielded exempt income, dismissing the tax department’s appeal against Nippon Life.
ITAT Mumbai has remanded a case back to AO, ruling that CIT(A) erred in accepting a 5% profit margin without supporting evidence or comparable cases.
The ITAT Mumbai upheld deletions of additions made under Section 68, ruling that share trading losses and profits, declared as business income and supported by documentation, could not be treated as unexplained income based solely on penny stock allegations.
ITAT Mumbai ruling clarifies PCIT’s Section 263 powers, quashing new issues and CSR/80G claims, but remitting TDS matters for further AO verification.
The ITAT Mumbai ruled that year-end provisions without an identifiable payee or a crystallized liability do not attract TDS, dismissing the revenue’s appeal against Viacom 18 Media.
Learn about the ITAT Mumbai ruling on ABM Knowledgeware Ltd. vs. Assessing Officer regarding CSR expenditure deductibility under Section 80G and the powers of revision under Section 263.
The ITAT Mumbai ruled in favor of Vikram Khandelwal, deleting additions on interest expenses and capital gains after finding that share transactions were genuine and backed by stock exchange records.
ITAT Mumbai remands an NRI’s tax case for a new hearing, citing improper service of notice. The Tribunal directs the CIT(A) to re-examine the validity of the assessment reopening.
ITAT Mumbai held that CIT(A) is not vested with any power to summarily dismiss the appeal on account of non prosecution. CIT(A) remains under statutory obligation to dismiss appeal on merits. Accordingly, matter remanded back to CIT(A) for denovo adjudication.
ITAT Mumbai ruled that forfeited share application money is a capital receipt, not taxable under Section 68. It also confirmed interest on business funds and disallowed ad-hoc expense additions.
