ITAT Mumbai has ruled that Section 68 additions cannot be made if assessee does not maintain books of account. Court also allowed a deduction under Section 80C.
The ITAT Mumbai has ruled against an arbitrary 3% net profit addition for a liquor dealer. The court found the addition was based on assumptions, not evidence, as the books were audited
Addition made by AO in the hands of the trust was not justified as income from investments was taxable in the settlor’s hands and exempt under the India-UAE Double Taxation Avoidance Agreement (DTAA).
ITAT Mumbai held that addition under section 69A towards unexplained cash found during course of search cannot be sustained since reconciliation of cash with concerned sales invoices duly produced. Accordingly, appeal of revenue dismissed to that extent.
ITAT Mumbai held that consulting charges is revenue item and accordingly, foreign exchange loss arising thereon is allowable as revenue expenditure. Accordingly, appeal of revenue dismissed.
Mumbai ITAT remands case of unexplained 4kg gold investment, citing improper rejection of assessee’s additional evidence under Rule 46A by CIT(A).
ITAT Mumbai held that adjustments made by Central Processing Centre [CPC] under section 143(1) of the Income Tax Act is deleted since the entire adjustments were on account of technical glitches of the CPC system.
ITAT Mumbai held that addition under section 68 towards unsecured loans merely relying on retracted statement cannot be sustained. Accordingly, order of CIT(A) upheld and appeal of revenue is dismissed.
The ITAT Mumbai has returned a case to the CIT(A), ruling that the appeal was wrongly dismissed on a technicality without considering documents filed on time.
Mumbai ITAT voids reassessment proceedings for CEC-ITD CEM TPL Joint Venture, citing the Assessing Officer’s failure to adhere to Section 148A procedures, including non-disclosure of material and non-consideration of the assessee’s reply.
