Mumbai ITAT rules potential foreign expenditure is not grounds to deny Section 12AB trust registration, emphasizing genuine objectives over speculative future income use.
Mumbai ITAT rules ACG Pam Pharma’s CSR donations are eligible for Section 80G deduction, quashing PCIT’s revisional order and restoring the AO’s assessment.
ITAT Mumbai held that no addition can be made on the ground that notices issued u/s 133(6) of the Act were not replied. Accordingly, deletion of addition by CIT(A) is justified and appeal of department quashed to that extent.
ITAT Mumbai rules that compensation received for a “right to sue” is not taxable as capital gains, citing Section 6 of the Transfer of Property Act and the non-transferability of such a right.
ITAT Mumbai reverses disallowance of Rs.1.58 Cr legal and professional fees for Avitel Post Studioz Limited, holding it as revenue expenditure incurred for business purposes, not capital.
ITAT Mumbai ruled in favor of an assessee, allowing a short-term capital loss on share sales, stating that documented transactions aren’t bogus merely due to a scrip being labeled as “penny stock.”
ITAT Mumbai held that denial of claim of Foreign Tax Credit [FTC] for delayed filing of Form No. 67 not sustainable. Accordingly, order set aside and matter restored to file of AO to verify genuineness of the claim.
ITAT Mumbai overturns cash deposit addition for Suresh Yadav, citing prior bank withdrawals for medical treatment. Rules in favor of assessee for AY 2017-18.
ITAT Mumbai sets aside income tax penalties on an MTNL employee, citing no additions in reassessment and the discretionary nature of penalty imposition under Sections 271(1)(c) and 270A.
ITAT Mumbai rules cooperative housing societies can claim Section 80P(2)(d) deduction on interest from co-operative banks. Interest from nationalized banks is not eligible.
