In the case of Supreme Treon Pvt. Ltd. Vs DCIT, ITAT Mumbai allows deduction under section 80-IC of the Income Tax Act for ITR filed with Form 10CCB.
ITAT Mumbai held that exclusion of comparables for the reason that those companies are loss making or low profit making is not correct. Accordingly, TPO directed to include these comparables and re-compute the Arm’s Length Price (ALP).
ITAT Mumbai rules against penalty under Sec 271G for a diamond trader’s failure to provide segmental information, emphasizing substantial compliance.
Mumbai ITAT rules in favor of S.K. Ventures, ensuring taxpayers’ right to Sec 80IB deduction is protected despite e-filing technical issues for AY 2017-18.
Mumbai ITAT reinstates appeal due to CIT(A)’s failure to consider case merits in Rajkumar Anandchand Jain Vs DCIT, emphasizing proper legal procedures.
ITAT Mumbai rules Sec 68 invoked only if taxpayer can’t explain credits in books, highlighting the importance of genuine transactions for AY 2011-12, 2012-13.
Mumbai ITAT rules in favor of Speco Infrastructure, maintaining deletions of tax additions by appellate authority in a reasoned order for AY 2013-14.
Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not amount to furnishing inaccurate particulars.
ITAT Mumbai held that the activity of the trust for publishing advertising in the newspaper is intrinsically linked for newspaper activity falls within the ambit of sub-clause (i) of Subsection 2(15) and conditions imposed in sub-clause (ii) of the proviso has to be fulfilled.
In light of ongoing NCLT insolvency proceedings, ITAT Mumbai orders Jet Airways to contribute Rs 25,000 to the Prime Minister Relief Fund, emphasizing the importance of compliance.
