ITAT Mumbai held that depreciation under section 32 of the Income Tax Act on the right to collect toll on the roads developed on BOT basis is not eligible.
CIT(A) held that as per Section 5 of the Act , if an individual is residing for more than 183 days in India he would be considered as Resident in India and his entire global income would be taxable in India. Being aggrieved, the present appeal is filed.
Signing of the assessment order was an integral part of order generation in e-assessment and the assessment proceedings conclude only after the order was digitally signed, therefore, signing of the assessment order should not be brushed aside lightly.
ITAT Mumbai follows Hexaware Technologies ruling, quashing reassessment for Purohit Food Products due to invalid notice beyond legal limit.
ITAT Mumbai grants partial relief to Ramniklal & Sons in the bogus purchase case, directing reassessment based on judicial precedents.
ITAT Mumbai held that issuance of notice under section 148 of the Income Tax Act in contravention of the provisions of section 151, as the sanction of the concerned Specified Authority was not obtained, is void abinitio and bad in law.
In view of this, tax officer did not allow the offset of LTCL against LTCG and the carry forward. CIT (A) overturned tax officer’s decision, stating that the transactions were part of legitimate tax planning and that the method of sale was a commercial consideration.
ITAT Mumbai held that hardship compensation is not a revenue receipt but constitute a capital receipt. Accordingly, AO directed to delete addition made towards the same.
ITAT Mumbai remands case of Aravind Arunachalam Vellore against ITO for lack of proper notice and communication during appeal process.
During the course of search/survey operations, it was noticed that the assessee has paid labour charges to three concerns. Post investigation, AO came to the conclusion that the labour charges paid to the concerns were also not genuine.
