The Mumbai ITAT upheld TNMM for Firmenich Aromatics, deleting transfer pricing adjustments on exports and royalties, and allowed an 80G deduction on CSR donations.
ITAT Mumbai rules reassessment initiated after 4 years on facts already available during original assessment is invalid, quashing the order for HMG Engineering Pvt. Ltd.
ITAT Mumbai condones a 937-day appeal delay for Hydroair Tectonics PCD Ltd, citing elderly directors’ health and pandemic challenges, citing Supreme Court precedent.
ITAT Mumbai overturns dismissal of appeals for Rajesh Babulal Shah, citing Supreme Court’s ‘Katiji’ ruling on condonation of delay and remanding cases.
Mumbai ITAT dismisses Bajaj Hindusthan Sugar Limited’s appeal for AY 2023-24 as withdrawn, noting it was a duplicate filing after an earlier appeal was already disposed of.
ITAT Mumbai holds that payments for foreign bandwidth do not attract TDS; also upholds deduction u/s 80G for CSR donations not claimed under Section 37.
ITAT Mumbai ruled that property transfer is effective on date of possession and payment, not registration. Section 43CA cannot override a completed transfer.
ITAT Mumbai held that addition towards unexplained stock cannot be sustained merely relying on the statement without any corroborative evidence. Accordingly, addition set aside and appeal allowed.
The ITAT Mumbai has ruled that an employee embezzlement loss is a business deduction, confirming it can be claimed in the year of discovery as per a CBDT circular.
The ITAT Mumbai has ruled that a company’s share of a partnership loss cannot be added back to its book profits under Section 115JB, clarifying the computation of book profits under the Income Tax Act.
