ITAT Mumbai

Tax on Transfer of Singapore Company under India Belgium Treaty: ITAT explains

Sofina S. A. Vs ACIT (ITAT Mumbai)

Sofina S. A. Vs ACIT (ITAT Mumbai) Transfer of shares of Singapore Company could not be regarded as a transfer of shares of its Indian subsidiary in absence of see-through approach under clause 13(5) of India Belgium Treaty Conclusion: Gain arising from transfer of shares of A Pte. Ltd., Singapore by the assessee to M/s […]...

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Section 271(1)(c) Penalty leviable as revised return filed only after issuance of notice u/s 143(2)/142(1)

Bhavesh Pravinchandra Sheth Vs ACIT (ITAT Mumbai)

Since assessee had no intention to make a full and true disclosure of its income as it would not have filed a revised return of income showing higher income before issuance of the notice 143(2)/142(1) by AO, therefore, AO  rightly held that assessee had deliberately and consciously failed to furnish full and true particulars of income an...

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No deduction allowable if domestic law prohibits the same

General Motors Overseas Corporation Vs ACIT (ITAT Mumbai)

Once the domestic law prohibits allowing any deduction for the purpose of calculating ‘fees for technical services/fees for included services’, then, the same was not an allowable deduction and, therefore, AO and CIT(A) were right in holding that the assessee was liable to be taxed on gross basis rather than on net basis....

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Section 263 Revision not justified in case AO conducted proper enquiry

Dena Bank Vs PCIT (ITAT Mumbai)

Revision under section 263 by PCIT was not justified as all the four issues questioned by PCIT were thoroughly examined by AO during the assessment proceedings, and after considering relevant facts and explanations furnished by assessee had chosen to accept the claim of the assessee and hence, the same could not be termed as non considera...

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Provision for mark to market loss on trading in derivative market allowable

DCIT Vs Edelweiss Commodities Services Ltd. (ITAT Mumbai)

Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on 'Accounting for Equity Index & Equity Stock Futures an...

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Mere statement without backing of credible evidences not justifies addition

Bini Builders Pvt. Ltd. Vs DCIT-Central Range-7(3) (ITAT Mumbai)

Statements recorded during the course of survey proceedings would not have much evidentiary value unless the same were backed by credible evidences. Assessee could not prove the source and nature of transactions, the stated amount was added to the income of the assessee u/s 68 and the original return was processed u/s 143(1) and the only ...

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Tax on payment by Indian company to foreign celebrity for appearance outside India

Volkswagen Finance Pvt Ltd Vs ITO (ITAT Mumbai)

Volkswagen Finance Pvt Ltd Vs ITO (ITAT Mumbai) In this case ITAT held that we are of the considered view that the income embedded in payment to the international celebrity (Nicholas Cage), for participation in Dubai A8L launch event for promoting the business of the assessee in India, is taxable as arising from a ‘business [&hellip...

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Expense with no business expediency on greeting politicians not allowable

Sadhana Sahakari Bank Ltd Vs ACIT (ITAT Pune)

The Assessing Officer disallowed  expense of Rs. 1,27,500 u/s 37(1) of Income Tax Act on finding that the said expenditure relates to some advertisements connected to demise / birthday greetings / congratulating some politicians, etc....

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No Section 11 exemption denial if cancelled registration was restored

Amateur Riders’ Club Vs ADIT (ITAT Mumbai)

Once the cancellation of registration had been set aside and registration granted under section 12A had been restored by the Tribunal, CIT(Appeals)’s decision for disallowance of exemption under section 11 became redundant, hence, had to be set aside....

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Depreciation allowable on payment of non-compete fee

India Meditronic (P) Ltd Vs Asstt. CIT (ITAT Mumbai)

India Meditronic (P) Ltd Vs ACIT (ITAT Mumbai) - Non-compete fee was allowable as capital expenditure and depreciation could be claimed on the same....

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