Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and […]
Network Synthetics Pvt. Ltd Vs DCIT (ITAT Mumbai) It is observed that the assessee has discharged its initial onus to prove the identity, genuineness of the transaction and creditworthiness of the parties by filing all these documents. The Tribunal in assessee’s group cases while deleting the additions made u/s. 68 of the Act observed as […]
Smit Singapore Pte Ltd. Vs DCIT (ITAT Mumbai) Assessee had received charges on account of time charter services rendered by its vessel ‘Smit Borneo‘ along with the crew to Leighton India Contractor Pvt. Ltd., and not for allowing the latter the ‘use‘ or ‘right to use‘ of industrial, commercial, or scientific equipment, the same therein […]
Hon’ble Supreme Court in the case of CIT v. Tribhuvandas G. Patel (supra) has held that any amount paid to the partner upon his retirement towards his share in assets is not a transfer within the meaning of section 47(ii) of the Act and not liable to capital gain.
DCIT Vs Alok Industries Limited (ITAT Mumbai) Issue raised is with respect to disallowance under Section 36(1)(iii) of the Act. The Revenue contends that assessee did not have adequate interest free funds, and that assessee could not establish commercial expediency. The disallowance in this regard has been done on the same reasoning as in the […]
DCIT Vs B. E. Billimoria & Co. Ltd. (ITAT Mumbai) The material on record would show that the assessee being resident corporate assessee was assessed for the year under consideration u/s. 143(3) on 27/10/2017. During assessment proceedings, it transpired that the assessee sold an office premises vide agreement dated 31/03/2015 for a consideration of Rs. […]
ITO Vs Gautam B. Bafna (ITAT Mumbai) In the instant case, the corresponding sales made out of disputed purchases were not doubted by the Ld. AO before us. No contrary evidence to this effect was also produced by the Ld. DR before us. It is not in the dispute that the assesee had indeed made […]
ACIT Vs Safari Mercantile Pvt. Ltd. (ITAT Mumbai) Conclusion: Where there was no transfer of shares but only a pledge of shares for purposes of obtaining a loan and revenue not disputed the fact of return of loan and also receipt of pledged shares creditor, no capital gain could be charged. Only income was actually […]
The issue under consideration is whether amenities being part and parcel of building will be tax under head ‘Income from house property’ or ‘Income from other sources’?
Ravi Mohan Gehi Vs DCIT (ITAT Mumbai) Conclusion: Assessee was into arranging funds and earned interest income by refinancing to the other parties and the difference in the rates in refinancing was the income of assessee. It was the nature of the business and all the expenditure incurred in earning the income was allowable expenditure. […]
