ITAT Mumbai rules that a lack of response to notices cannot justify a disallowance under Section 40A(2)(b). The AO must prove payments are excessive.
Mumbai ITAT partly allows a CA’s appeal, disallowing 50% of his gold coin gift expenses, stating that lack of business nexus and recipient details is a valid reason.
ITAT Mumbai rules that demonetization cash deposits should be treated as business turnover and not as unexplained income, deleting a separate addition.
Mumbai ITAT rules that payments for foreign commission, inspection fees, and software subscriptions are not taxable in India, exempting merchants from TDS obligations.
ITAT rules that a company’s share premium received from a publicly listed parent company is not taxable under Section 56(2)(viib) and cannot be taxed as income.
Mumbai ITAT rules that tax additions for bogus purchases are not valid if the goods were returned and the transactions were fully reversed in the company’s books.
ITAT Mumbai deletes 100% bogus purchase addition on diamonds, ruling that only the profit element is taxable as the assessee had already offered presumptive income.
While computing arm’s length price (ALP), it is required both the tested party and the comparable should have similar financial year endings for proper analysis of the functions performed, assets employed and risks assumed.
The Mumbai Income Tax Appellate Tribunal quashes penalties for being time-barred and invalidates a reassessment notice, clarifying key tax law provisions on limitation and sanctioning authority.
ITAT Mumbai held that denial of exemption under section 11 of the Income Tax Act not justified since previous registration u/s. 12A continued to be valid till grant of provisional registration under the new scheme u/s. 12AB of the Income Tax Act.
