ITAT Mumbai held that penalty levied for late filing of Profession Tax Return is penal in nature accordingly is not allowable as business expenditure.
ITAT Mumbai held that 100% addition in case of bogus purchases unsustainable. Notably, addition to the extent of rate of gross profit in case of bogus purchase is duly sustained.
ITAT Mumbai held that the assessee has merely got the license to use the software for its daily business requirement and has never owned the same. Further, such expense was used for business purpose on yearly rent basis it has not given any enduring benefit. Hence, such expense are revenue in nature.
Review the landmark ITAT ruling of Lifeline Medicare Hospitals Private Limited Vs CIT, where a notice levying fees for late filing of TDS prior to June 1, 2015 was set aside.
Read the full text of the ex-parte order issued by ITAT Mumbai in the case of Smt. Dakuben Saremalji Sancheti Nadol Charitable Trust vs National Faceless Appeal Centre (NFAC). The order reinstates the appeal to CIT(A) for assessment year 2020-21, considering Covid and software issues.
ITAT Mumbai declares that National Faceless Appeal Centre (NFAC) cannot adjudicate appeals already disposed of by CIT(A). This landmark ruling also directed the Department to bear the litigation cost. Read our analysis here.
ITAT Mumbai held that the disclosure made by the tax auditor in audit report in Form 3CD about the ‘Details of contributions received from employees for various funds as referred to in section 36(1)(va)’ would now become indicative of a disallowance, hence provisions of section 143(1)(a)(iv) of the Act would get attracted.
ITAT Mumbai held that addition unsustainable as assessee has proved the three ingredients engraved in section 68 of the Act and proved the satisfactory nature of the loan transactions. On the otherhand, AO has not brought any contrary material to show that loan received is bogus or accommodation entries.
ITAT Mumbai’s decision in case of DCIT vs KEC International Limited, where a 0.6% arm’s length rate was established for corporate guarantee fees, influencing future transfer pricing adjustments.
ITAT Mumbai ruled that membership fees paid for a key person of a company are allowable as business expenditure. The case involved the disallowance of club membership fees paid to Cricket Club of India.
