ITAT Mumbai rules in favor of Cable and Wireless, holding that allocating shared employee costs based on headcount is a valid method, overturning the tax officer’s order.
Higher profit per se cannot lead to the conclusion that there is arrangement between the parties. The concept of PLI cannot per se be applied to hold that assessee has earned higher profit
Mumbai ITAT allows full depreciation for New Rampgreen Technologies, citing asset ownership date. It also voids the reassessment, holding that the tax audit report was already with the AO, preventing a ‘change of opinion’ based reopening.
ITAT Mumbai held that the waiver of differed sales tax liability is a benefit accrued to the assessee arising out of its business hence the sum waived is taxable under section 28(iv) of the Income Tax Act. Accordingly, appeal of assessee dismissed.
AO however, held that STCG on the sale of rights entitlement was to be taxed as “sale of shares” under Article 13(5) of the India-Ireland DTAA, making an addition towards STCG as taxable in India.
Mumbai ITAT rules against taxing notional rent on unsold flats held as builder’s stock-in-trade, preferring the Gujarat High Court view over Delhi.
ITAT Mumbai remands Deepak Kumar Chaturvedi’s appeal, directing AO to verify exempt allowance disallowance due to Form 16 and 26AS mismatch caused by employer error.
The ITAT Mumbai has set aside a deemed dividend order against Yashvardhan Gokuldas Binani, allowing re-examination of a loan as a commercial transaction, citing non-compliance.
ITAT Mumbai remits trust registration denial for Shree Swatember Murtipujak Jain Tapgachh Sangh Tiker, allowing reconsideration after proposed object clause amendment.
Mumbai ITAT condones 536-day delay for Samasta Brahman Mahasangh appeal, citing clerk’s error and trustees’ age/lack of tech-savviness. Case remanded for fresh hearing.
