ITAT Mumbai held that consideration for sale distribution or exhibition of cinematographic films would not fall under the domain of “Royalty” and accordingly TDS not deductible on the same.
ITAT Mumbai held that as ownership of property lies with the developer on the day of ‘agreement of sale’, sale consideration is taxable under capital gains in the hand of developer and not in the hands of assessee.
ITAT Mumbai held that determination of Annual Let Out Value (ALV) of unsold flats held as stock-in-trade is not sustainable in law. Accordingly, addition of ALV of unsold flats deleted.
ITAT Mumbai rejected the transfer pricing adjustment as margin which has been determined falls within the tolerance limit of +/- 5% as provided in proviso to Section 92CA of the Income Tax Act.
ITAT Mumbai held the goodwill arising on business reorganization i.e. amalgamation, slump sale, demerger etc. is a depreciable intangible asset under section 32 of the Income Tax Act.
ITAT concluded that the penalty levied under section 271(1)(c) of the Act was unsustainable due to the defect in the statutory notice and the fact that the penalty was imposed on additions made through estimation.
ITAT Mumbai deletes LTCG addition in penny stock case, ruling in favor of Assessee. Landmark decision emphasizes genuine transactions and compliance.
Explore the ITAT Mumbais decision favoring Bombay Society of the Salesian Sisters India, allowing the expenditure on school building repairs and property taxes as an application of income for charitable purposes.
Explore the case of Dombivali Paper Mfg. Co. challenging penalty under section 271(1)(c) for alleged bogus purchases. Detailed analysis, tribunal’s view, and legal insights provided.
Explore the case of Ramprasad Nigam vs ITO under Section 271(1)(c) for disallowed exemption claim under Section 54. The penalty is quashed based on accurate disclosure.
