ITAT Mumbai allows Sejal Jignesh Shah’s appeal against tax additions under Section 68, rejecting AO’s reliance on investigation reports in a penny stock case.
ITAT Mumbai rules Section 194IC TDS doesn’t apply to alternate accommodation charges, as they’re not part of land/building share.
ITAT Mumbai dismisses the appeal of Pesticides Manufacturers and Formulators Association of India as the assessee applies for settlement under the VSV Scheme.
ITAT Mumbai held that disallowance of interest expenditure attributable to interest-free advances not justified since sufficient interest free funds available and also there existed commercial expediency in giving interest free advances. Accordingly, appeal of revenue dismissed.
ITAT Mumbai rules on ITO vs. Vaman International P. Ltd., addressing additions under section 69C for disputed purchase transactions.
ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing lower orders.
ITAT Mumbai allows tax exemption on capital gains for NRI under India-Singapore DTAA, rejecting AO’s classification of mutual fund units as taxable shares.
ITAT Mumbai held that person who stayed out of India for the purpose of employment and/ or in search of employment will be considered as non-resident provided the stay out of India is more than 182 days. Thus, addition deleted as person is non-resident in India.
ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short term capital gains. Accordingly, AO is directed to delete the addition and appeal of the assessee is allowed.
ITAT Mumbai rules that having an object to apply income outside India is not a valid reason to deny Sec 12AB registration to a charitable trust.
