ITAT Mumbai held that reference to TPO in respect of Specified Domestic Transaction (SDT) u/s. 92BA(i) has been omitted from the statue by the Finance Act, 2017 w.e.f. 01/04/2017. Hence, entire reference and transfer pricing adjustment is invalid.
ITAT Mumbai held that compensation paid to a real estate developer for closure of agreement is allowable as revenue expenditure when the payment of such compensation is closely related to the business of the assessee.
ITAT Mumbai held that the unabsorbed depreciation which is carried forward from earlier years is permitted to be set off against the short term capital gains.
ITAT Mumbai held that were the co-operative society receives/earns the interest on deposits with the co-operative bank is eligible for claim of deduction under Section 80(2)(d) of the Income Tax Act.
ITAT Mumbai held that addition u/s. 68 of the Income Tax Act towards unexplained cash credit unsustainable as the addition was made by AO on the basis of presumptions and conjectures and without conducting any independent investigation.
Prabha Anil Gandhi vs. ADIT (ITAT Mumbai): ITAT rules on CPC’s jurisdiction, Section 50C adjustments, and processing under section 143(1).
ITAT Mumbai held that adoption of stamp duty valuation invoking provisions of section 50C of the Income Tax Act without making reference to District Valuation Officer (DVO) unsustainable. Accordingly, matter remanded for de novo proceedings.
ITAT Mumbai held that as the assessee should be aware of the exact charge for which the penalty proceeding has been initiated, non-striking on the irrelevant limb under section 271(1)(c) of the Income Tax Act vitiates the entire penalty proceedings.
ITAT Mumbai order in DCIT vs Brandon & Co. (P) Ltd.: Set-off of carry-forward loss of capital gains in demerger. Analysis and conclusions provided.
Explore the JMD Corporation vs ITO case where ITAT Mumbai restricts profit element of purchases at 4%, examining allegations of bogus purchases for A.Y. 2011-12.
