DCIT Vs Pfizer Ltd (ITAT Mumbai) AO treated the rental income of Rs. 5,47,89,000/- received by the assessee from subleasing of commercial properties as income from business as against claim of the assessee being income from house property on the ground that renting out of premises amounts to commercial exploitation for business purpose by the […]
PPG Coatings India Pvt. Ltd. Vs DCIT (ITAT Mumbai) It was submitted that SAP license was purchased by the AE at Netherland in bulk quantities. A copy of the agreement entered into between the said AE and the third party along with the copy of the debit note raised by the AE was submitted. It […]
Vasantlal Nyalchand Kikavat Vs DCIT (ITAT Mumbai) The case was reopened pursuant to receipt of certain information from investigation wing, Kolkata wherein it was alleged that the assessee was beneficiary of bogus Long-Term Capital gains (LTCG) by dealing in a scrip namely M/s Unisys Software & Holding Industries Ltd. (in short ‘Unisys’). Accordingly, the case […]
DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai) The ld. CIT(A) gave a categorical finding that the transactions carried out with the aforesaid three parties i.e. Jawala Real Estate Pvt. Ltd., Shreeniwas Cotton Mills Limited & Lodha Developers Private Limited, which are subject matter of levy of penalty […]
Elsevier Information Systems GMBH Vs DCIT (ITAT Mumbai) t issue which arises for consideration is, whether the subscription fee can be treated as fees for technical services. As discussed earlier, it is evident that the assessee has collated data from various journals and articles and put them in a structured manner in the database to […]
The assessee classified such cost incurred and right to receive annuity on the toll road as an intangible asset eligible for depreciation u/s.32(1)(ii) of the Act.
Payment of Rs.89 lakhs on account of pension to wholetime Directors on the basis of Board resolution of the assessee company was incurred wholly and exclusively for the purpose of business of the assessee and was allowable as deduction.
DCIT Vs Aluvind Architectural Pvt. Ltd. (ITAT Mumbai) We find at the outset, the ld AR argued that penalty that is in dispute before us, falls below the monetary limit prescribed by the CBDT in its Circular 17/2019 dated 08/08/2019 for preferring appeal by the Revenue before this Tribunal. We find that the ld. DR […]
DCIT Vs. Bengal Shapoorji Housing Development Pvt. Ltd. (ITAT Mumbai) The ld. A.R assailed the assessing of the ALV of the flats that were held by the assessee firm, a real estate developer, as it stock-in-trade of its business for the year under consideration. It was the claim of the ld. A.R that as the […]
Mohan Thakur Vs ACIT (ITAT Mumbai) Facts- As per the report, information was received from the Australian taxation office that the Assessee under consideration has transferred funds amounting to 12,97,122 AU (Australian Dollars) to many of his relatives through hawala system for the period of F.Y. 2007-08 to 2012-13. Shri. Shagun Thakur (son) has claimed […]
