The stand of the assessee was that it was not necessary that loss of one industrial undertaking should necessarily be adjusted against the profit of another eligible industrial undertaking.
ITAT Mumbai dismisses the appeal of Veermata Jijabai Technological Institute under Direct Tax Vivad Se Vishwas Scheme for AY 2017-18.
ITAT Mumbai rules on ACIT vs Rohit Krishna, dismissing penalties under Section 43 of the Black Money Act for non-reporting of foreign assets in tax returns.
ITAT Mumbai held that addition u/s. 68 towards amount received as gift from son not justified since addition is made in a baseless manner, solely relying on unverified newspaper reports. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that the internal audit memo is outside the scope and ambit of the term “information” as provided in Explanation 1 to section 148 of the Act, prior to its amendment by the Finance Act, 2022. Accordingly, reopening of proceedings liable to be quashed.
ITAT Mumbai held that interest paid on loan from group entities are in the nature of reimbursement and therefore not liable for deduction of TDS. Therefore, addition made by AO is directed to be deleted.
ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down value (WDV) for the purpose of claiming deprecation on the block of the asset. Thus, disallowance made is liable to be deleted.
ITAT Mumbai held that disallowance of short term capital loss not justified since there is no evidence on record based on which genuineness of transactions can be doubted. Hence, held that conclusion drawn by AO is wholly irrational and unsustainable.
ITAT Mumbai held that levy of interest under section 201(1A) of the Income Tax Act for lower deduction of TDS not justified since the lower deduction in earlier months were due to bonafide reasons and the same was adjusted in later months.
ITAT Mumbai held that cash deposits were evidently business receipts, in absence of any other evidence of any other undisclosed source of income, the same cannot be considered as unexplained cash credit. Accordingly, addition under section 68 liable to be set aside.
