ITAT Mumbai held that provisions of section 40A(2)(a) of the Income Tax Act are applicable in cases, wherein, the director of subsidiary company, to whom payment has been made, has substantial interest in the assessee.
ITAT Mumbai dismisses appeal in Shalini Karan Kumar case. Non-appearance and failure to submit documentation for exemption claim under section 54 of Income Tax Act.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
Read the full text of ITAT Mumbai’s order in Rohinton Homi Sanga Vs DCIT case. No income tax addition for an employee acting on behalf of company directors. Analysis and conclusion provided.
Explore the ITAT Mumbai’s order in Rajani S Iyer Vs ITO case, directing re-adjudication on Brokers’ Client Code Modification. Full text and analysis of the order provided.
Failure to produce loan transaction and shares documentation: ITAT Mumbai orders re-examination. Explore the details of Fortune Credit Capital Ltd vs DCIT case.
Explore the ITAT Mumbai order in Ankur Power Projects vs ITO. Learn why reassessment proceedings were quashed due to non-application of mind by the AO. Full text available.
ITAT Mumbai held that addition under section 68 of the Income Tax Act merely on the basis of information and statement of third party without any tangible material on record is unsustainable in law.
ITAT Mumbai held revisionary order under section 263 of the Income Tax Act to be proper and just as assessment was completed in a routine and mechanical manner without due diligence and without due application of mind.
ITAT Mumbai held that the assessee has not discharged its onus to satisfactorily prove the incurring of expenditure for running the alleged Hotel Management Business. Thus, in absence of satisfactory documentary evidence, addition u/s. 68 of entire turnover disclosed as hotel management business sustained.
