ITAT Mumbai held that addition of investment made in India by tax resident of UAE is unsustainable as in terms of Indo UAE tax treaty, the right to tax the income doesnt belong to India.
ITAT Mumbai held that assessee is entitled to claim benefit of Article 13(4) of DTAA in respect of entire current year Short/Long Term Capital Gains, without setting of the Brought Forward Short/Long Term Capital Gains.
When additional evidence entertained by the CIT(A) has not been brought on record in accordance with Rule 46A subsequent findings on the same are vitiated because there is not even a whisper of remand report admittedly submitted in this case by the AO.
Code modifications carried out by the stock broker should not affect the claim of the assessee unless it is proved that the assessee has colluded with the stock broker in carrying out the modification
ITAT Mumbai held that AO had only recorded general satisfaction but not with reference to the accounts of the assessee and hence has not satisfied the formula contained in rule 8D in order to compute disallowance u/s 14A of the Act.
Maharashtra Hybrid Seeds Company Private Limited Vs PCIT (ITAT Mumbai) PCIT has passed the impugned revision order for the reason that the AO has not properly examined the weighted deduction claimed u/s 35(2AB) of the Act vis-à-vis Form 3CL. However, the AO has reopened the assessment and has examined the above said Form 3CL, but […]
Assessee was entitled to relief on the certificate granted by the prescribed authority u/s 35(1)(ii) of the Act to the institution to which it donated the sum of money for claiming deduction under that section if it was subsisting and valid at the time the donation was made.
ITAT Mumbai held that loan lying in the proprietorship concern books of the assessee is converted as gift during the year under consideration hence there was no fresh receipt of money. Accordingly, addition under section 68 of the Income Tax Act is unsustainable.
ITAT Mumbai held that as assessee is having sufficient own funds hence investments which yield exempt income can be presumed to be made out of interest free funds. Accordingly, disallowance of interest in terms of rule 8D(2)(ii) of the Income Tax Rules unsustainable.
ITAT Mumbai held that expenditure relating to film which was not released and hence not co-relatable to any income, cannot be disallowed as the expenses were incurred wholly and exclusively for the purpose of the business.
