ITAT Mumbai held that there is a fundamental gap between guarantee and Letter of Comfort. Guarantee is a legally enforceable; however, Letter of Comfort is not. Thus, issuing Letter of Comfort to the Bankers of AE, the assessee did not incurred any cost and hence it does not constitute international transaction under section 92B of the Act
ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act unjustified as appellant cannot be penalized for the mistake committed by the developer/seller in allocating the flat. Thus, exemption u/s. 54 granted as all the conditions satisfied.
Mumbai ITAT ruling in Canara Bank vs. ACIT case clarifies TDS liability when taxpayer unaware of subsequent TDS certificate. Detailed analysis & implications.
ITAT Mumbai held that business restructuring entered into by an enterprise with its associated enterprise for eliminating duplicate corporate procedures falls within the ambit of “international transaction” as defined in section 92B of the Income Tax Act.
Read about the ITAT Mumbai ruling in Inderjit Singh Manchanda vs. CIT case, where the application for condonation of delay regarding penalty proceedings appeal was dismissed.
ITAT Mumbai concluded that the enhancement of the value of sales without corresponding adjustments to purchases was erroneous.
Read how ITAT Mumbai upheld the deletion of an addition due to discrepancies between Form 26AS and the Profit & Loss Account in the case of ACIT Vs BBH Communications India Pvt Ltd.
ITAT Mumbai allows United Spirits Limited to claim MAT credit under the VSV Scheme for the year in question, setting a precedent for similar cases.
In a landmark decision, ITAT Mumbai rules in favor of Abu Dhabi Investment Authority, stating that a fraud mobile number cannot deny tax treaty benefits. Full text of the order included.
ITAT Mumbai rules an unsigned assessment order against Reuters Asia Pacific Ltd. invalid, clarifying Section 292B of Income Tax Act doesn’t cure this defect.
