ITAT Mumbai held that that reimbursement of expenses at cost is not taxable as fees for technical services since there is no element of income attached to the transaction. Accordingly, revenue’s appeal dismissed.
ITAT Mumbai rules that cooperative societies can claim deductions under Section 80P(2)(d) for interest earned from cooperative banks, overturning prior disallowance.
ITAT Mumbai remands Rotary Charity Trust’s 80G approval case due to an inadvertent section error in Form 10AB. Matter sent back for reconsideration.
ITAT Mumbai rules that Section 50C of the Income Tax Act does not apply to tenancy right transfers, dismissing the Revenue’s appeal in ITO Vs Abdul Aziz Abdul Kadar.
ITAT Mumbai allows Hotel Deepak’s appeal, holding that a survey statement u/s 133A can’t be the sole basis for income addition when discrepancies exist and expenses are substantiated. The tribunal cites a prior similar ruling.
In the matter aforementioned ITAT deleted addition made on account of Client Code Modification after observing that assessee utilized its own funds to conduct transactions on NSEL platform and the profits from such transactions have already been offered to tax.
ITAT Mumbai rules that a Section 143(1) adjustment becomes infructuous once a regular assessment under Section 143(3) is completed, especially if the returned income is accepted as the assessed income.
ITAT Mumbai quashes CIT(A)’s order dismissing HPCL’s appeal, citing non-compliance with prior tribunal directives. The case involves interest on refunds and the now-defunct Vivad Se Viswas Scheme. The tribunal mandates a fresh hearing on the merits of the case.
ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of the Act. Accordingly, order of CIT(A) set aside and deduction u/s. 80P(2)(d) allowed.
ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexplained credit.
