ITAT Mumbai allows compensation for contract breach as business expense, dismisses revenue’s appeal on advance additions in Logical Properties case.
ITAT Mumbai rules that trading results and gross profit cannot be disturbed if purchases, sales, and payments are substantiated. Bogus purchase addition deleted.
ITAT Mumbai rules in favor of Pathare Prabhu CHS Ltd., allowing deduction under Section 80P(2)(d) for interest income from co-operative banks. Read details of the judgment.
ITAT Mumbai ruled in favor of Borivali Jankalyan Sahakari Patpedhi Ltd., allowing deduction under Section 80P for interest income from co-operative banks.
ITAT Mumbai held that receipts from maintenance and support services and additional services, without transfer of any technical knowledge, know-how, skill, etc., are not in the nature of Fee for Technical Services (FTS) and hence not taxable in India.
ITAT Mumbai upheld the disallowance of deductions claimed by Navbharat Urban Co-operative Credit Society under Section 80P(2)(d), treating income as taxable.
ITAT Mumbai rules that penalty under Section 271(1)(c) of the Income Tax Act cannot be levied on ad-hoc estimated income, dismissing Revenue’s appeal in ITO vs. Ashok Industrial Corporation.
ITAT Mumbai ruled on Dev Engineers Vs DCIT, deleting penalties under Sections 271(1)(c) and 271AAB. Additions were based on estimation, lacking evidence of concealment.
ITAT Mumbai grants ₹4.07 crore tax exemption under Section 10(23C)(vi) despite procedural delay in Form 10BB validation, overturning CIT(A)’s ruling.
ITAT Mumbai rules 14A amendment is prospective. No disallowance if no exempt income earned, upholding Delhi HC’s Era Infrastructure view.
