ITAT Mumbai

In case of parallel proceedings IBC, 2016 overrides Income-tax Act, 1961

Pratibha Industries Limited Vs DCIT (ITAT Mumbai)

Pratibha Industries Limited Vs DCIT (ITAT Mumbai)  ITAT held that in case of parallel proceedings under Income-tax Act, 1961 and IBC, 2016, the IBC has an overriding effect over the provisions of the Income-tax Act which has been decided by Hon’ble Apex Court in Principal Commissioner of Income-tax Vs Monnet Ispat & Energy Ltd in [...

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No Section 271(1)(b) penalty where assessment is completed u/s 143(3)

Salasar Derivatives Pvt. Ltd. Vs ITO (ITAT Mumbai)

Salasar Derivatives Pvt. Ltd. Vs ITO (ITAT Mumbai) Whether ld. CIT(A) was justified in confirming the levy of penalty u/s.271(1)(b) of Income Tax Act? We find that the assessee did not appear before the ld. AO on 29/05/2018 being the scheduled date of hearing. However, on 30/05/2018, the assessee had duly appeared and submitted the [&hell...

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Reassessment based on re-appreciation of facts already available on record is invalid

Bombay Real Estate Development Co. P. Ltd. Vs Income Tax Officer (ITAT Mumbai)

Bombay Real Estate Development Co. P. Ltd. Vs ITO (ITAT Mumbai) The assessee, Bombay Real Estate Development Co. P. Ltd. is engaged in the business of real estate. For the year under consideration, assessee filed its return of income declaring total loss of Rs. 33,85,526. The assessee is engaged in the activity of development of […...

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Sham Transaction cannot be alleged if other party is a statutory body

Star Chemicals (Bom) Pvt. Ltd. Vs DCIT (ITAT Mumbai)

ITAT held that it is not a sham and bogus transaction. One of the grounds considered for recording that finding is that when the other party is a statutory body the question of evasion of tax does not arise...

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Subsidy as octroi duty refund to promote industrialization is a capital receipt

DCIT Vs Sudal Industries Limited (ITAT Mumbai)

DCIT Vs Sudal Industries Limited (ITAT Mumbai) The assessee has received incentive in the form of Octroi refund under Govt. of Maharashtra Package Scheme of Incentives, 2007. We find that the Coordinate Bench of the Tribunal in the case of ACIT Vs. M/s. Universal Construction Machinery and Equipments Ltd. in an identical set of facts [&he...

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Section 40A(3) Disallowance via Section 143(1) intimation is untenable

Shubh Arya Steel Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Disallowance u/s 40A(3) would not fall within the ambit of a prima facie error or arithmetical error warranting adjustment in terms of Section 143(1) of the Act unsustainable....

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Addition u/s 68 confirmed as amount credited in books lack genuineness

Suncap Commodities Private Limited Vs DCIT (ITAT Mumbai)

The assessee was used as a conduit company along with other companies to violate the provisions of minimum public shareholding criteria under SEBI Laws. Accordingly, addition confirmed as the amounts credited in the books of accounts of assessee lack genuineness....

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Addition only on the basis of retracted statement is unsustainable

Nadiadwala Grandson Entertainment Pvt. Ltd. Vs DCIT (ITAT Mumbai)

The Hon'ble Madras High Court in the case of M. Narayan N. Boos. Vs. ACIT, Circle (339 ITR 192) held that addition made by the A.O merely on the basis of retracted statement u/s 132(4) could not be sustained in the absence of any evidence material or recovery of any movable or immovable assets at the time of search to corroborate the disc...

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ITAT remanded back penalty proceedings to AO for denovo adjudication as quantum was also referred back to him

Abacus International Pte Ltd. Vs DDIT (ITAT Mumbai)

Abacus International Pte Ltd. Vs DDIT (ITAT Mumbai) We find that this Tribunal vide order dated 16/10/2019 has held that the notional interest income on the interest free loan advanced by the assessee to its AE would be assessable as income of the assessee which has business connection / PE in India and the same […]...

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Section 68 addition justified if creditors absconding & could not be produced before AO

ITO Vs Shreeji Multitrade Pvt. Ltd. (ITAT Mumbai)

ITO Vs Shreeji Multitrade Pvt. Ltd. (ITAT Mumbai) The brief facts of the case is that of the case are that during the year under consideration a sum of Rs. 2,00,00,000 is shown to have been received by the assessee company on 04/05/2011 from M/s Innovative Spinning and Knitting Private Limited. During scrutiny proceedings, the […]...

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