ITAT Mumbai held that as per section 70(2) the short-term capital loss can be set off against gain from any other capital asset. Thus, set off of short-term capital loss (on which STT was paid) against the short-term capital gains (on which STT was not paid) is allowed.
Interest income derived by co-operative society from its investments with a co-operative bank eligible for deduction under section 80P(2)(d).
ITAT Mumbai allows Jet Privilege depreciation on goodwill from slump sale, remands for recalculation. Cites Smifs Securities precedent.
A resident must show his foreign assets in FA Schedule. Non-disclosure of which can lead to penalty u/s 43 of BMA. As assessee didnot disclosed foreign assets in FA schedule so AO issued show cause notice on 26.09.2023.
ITAT Mumbai rules in favor of Piem Hotels, overturning Section 14A disallowance for AY 2014-15 & 2016-17 due to AO’s lack of recorded satisfaction.
ITAT Mumbai held that addition is unjustified and liable to be deleted since adjustment was made in between interest paid and interest received thus the entire adjustment had no tax effect i.e. it is tax neutral.
Mumbai ITAT dismisses Revenue appeal, affirming CIT(A)’s decision to delete ₹37.84 Cr bogus purchase addition for a bulk drug manufacturer, citing sufficient evidence.
Mumbai ITAT held that CIT(A) cannot dismiss Mechanically an appeal solely on delay grounds without adjudicating the issues raised on merits. Tribunal condoned delay after noting that the assessee’s father had passed away and directed fresh disposal on merits.
ITAT Mumbai held that addition under section 69A of the Income Tax Act towards cash deposited in the bank account during demonetization period deleted since source of cash deposit duly explained.
Mumbai ITAT rules interest under Section 234B cannot be levied for advance tax shortfalls due to retrospective amendments in transfer pricing regulations.
