ITAT Mumbai held that commodity transactions carried out as regular business transaction cannot be treated as speculative transaction. Accordingly, the loss incurred from the same is treated as normal business loss.
ITAT Mumbai held that penalty under section 271(1)(c) of the Income Tax Act is leviable as incomes were not offered to taxation with a dishonest intention to conceal the income and evade tax.
ITAT Mumbai held that exemption under Section 10(23C) of the Income Tax Act is available to the payments received for consultancy services provided by university.
ITAT Mumbai held that lease rental paid in respect of the vehicles used by its employees is revenue in nature and allowable as deduction.
ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter.
Held that in respect of concluded assessments, the earlier assessment completed should not be disturbed in the search assessments without existence of any incriminating material.
CIT(E) lacked jurisdiction to impose any conditions on his own (other than what is stipulated in law) while granting approval under section 80G of Income Tax Act
ITAT Mumbai set aside the matter for fresh adjudication as none of the aspects and the relevant facts have been properly looked into and examined by the lower authorities
ITAT Mumbai held as books of accounts of assessee are not need to be audited hence return of income has to be filed on or before 31st July As return filed beyond time limit disallowance of set off of brought forward loss sustained.
Validity of the ICAI guidance for calculating the turnover in case of derivatives has been reiterated by various judicial precedence. ICAI as an expert body of accountants and guidance note on tax audit issued by them can be relied upon in absence of any statutory provision for computation of turnover in such cases.
