ITAT Mumbai rules SBI is not an assessee in default for TDS on foreign remittances if payees have paid taxes. Explains implications for MasterCard, Visa, and interest liability.
ITAT Mumbai held that depreciation on the business/commercial rights arising from the manufacturing contracts, supply contracts and maintenance contracts as claimed by the assessee is allowable. Accordingly, appeal allowed.
The Income Tax Appellate Tribunal (ITAT) Mumbai has provided relief to Axis Finance Limited by ruling that club membership and subscription fees paid for employees are a valid business expense under Section 37(1) of the Income-tax Act.
The ITAT Mumbai has ruled in favor of Ankit Gems, deleting a tax addition for alleged bogus purchases. The court found no evidence and placed the burden of proof on the tax department.
ITAT Mumbai rules against a Section 263 revision order, stating the Assessing Officer had conducted sufficient inquiry in the original assessment.
The ITAT Mumbai dismissed income tax appeals against Hardcastle Restaurants, holding that additions cannot be made to completed assessments without incriminating material found during a search operation.
The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled in favor of Darius Sam Motashaw, deleting an unexplained cash credit addition of Rs. 2.85 lakhs. The court found that the assessing officer failed to investigate the source of funds received from the assessee’s broker via a banking channel, shifting the burden of proof incorrectly.
The ITAT Mumbai has ruled that a reassessment notice issued beyond three years is invalid if it is not sanctioned by the correct senior authority, quashing the proceedings.
The Income Tax Appellate Tribunal (ITAT) in Mumbai dismissed an appeal by the Income Tax Department against an assessee, upholding the deletion of an addition of over Rs. 4.24 crore.
ITAT Mumbai held that addition under section 68 of the Income Tax Act treating unsecured loan as unexplained credit not justified since assessee has proved identity, creditworthiness and genuineness of the credit. Accordingly, appeal is allowed.
