ITAT Mumbai rules Sita USA’s airline software services not taxable in India under FTS or DTAA. Revenue appeals for AY 2014-15 to 2021-22 dismissed.
ITAT Mumbai rules on Anushka Shah vs ITO case, addressing capital gains taxability on mutual fund units under the India-Singapore DTAA.
ITAT Mumbai deleted a penalty, citing a defective notice under section 274 r.w.s. 271(1)(c), following the Bombay High Court’s ruling in Mohd. Farhan A. Shaikh.
ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whether the shares are held as investment or stock-in-trade. Thus, here since shares are held as investments, gains are taxable as capital gains.
ITAT Mumbai held that the very basis of which the Assessing Officer formed the belief that the income liable to tax is escaped assessment was based upon incorrect understanding of the facts and is, therefore, not sustainable in the eyes of law.
ITAT Mumbai held that deduction under section 80G of the Income Tax Act eligible towards donations, even if donations are part of Corporate Social Responsibility [CSR] expenditure. Thus, appeal of revenue dismissed.
ITAT Mumbai cancels penalty on Smita Ashok Thakkar citing invalid notice under Section 271(1)(c) due to non-striking of relevant limb in penalty notice.
ITAT Mumbai cancels Section 271(1)(c) penalties on Lyka Labs Ltd for AYs 2010-11, 2011-12 & 2014-15 due to procedural defect in the penalty notices.
ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actual purchase price declared by the assessee falls within the tolerance limit of 10%. Accordingly, appeal allowed.
ITAT Mumbai rules rental income from trust property should be treated as house property income, not business income.
