ITAT Mumbai held that addition u/s 45 under the head Capital Gains for violation of conditions u/s. 47(xiiib) of the Act on conversion of a private limited company into the assessee LLP unsustainable as commercial expediency not contravened by AO.
ITAT Mumbai held that appeal of the revenue is hit by the monetary limits as per CBDT circular. Further, filing of appeal based on information from investigation wing (i.e. not external source) is not covered by except mentioned in clause (e) of paragraph 10 of CBDT circular.
ITAT held that no tax is required to be deducted at source on amount reimbursed to the director of the company. Further, when tax has been deducted at source by the assessee while receiving software consultancy services, disallowance cannot be done by the Revenue Department.
ITAT Mumbai held that payments made under Sales or Return agreements not covered under section 194C of the Income Tax Act. Hence, TDS not deductible.
ITAT Mumbai held that income of non-resident not taxable in India merely because the status of the assessee was wrongly mentioned as resident in the original return of income.
ITAT Mumbai held that addition merely on the basis of seized paper which is neither signed nor dated, without any corroborative evidence, is untenable in law.
ITAT Mumbai held that provisions of Article 24 of DTAA between India and Singapore will be applicable only when condition no. 1, condition no. 2 and condition no. 3 in paragraph 4.2 are satisfied simultaneously. Here as condition no. 1 is not satisfied, DTAA would not be attracted in case of GCC.
ITAT Mumbai held that when company issues Foreign Currency Convertible Bonds (FCCB) they incurs a liability to pay a larger amount than what is borrowed and such liability to pay the additional amount is revenue expenditure.
ITAT Mumbai held that loss on sale of unusable old/ obsolete inventory allowed as there is nothing on record to suggest that such inventories was part of the Fixed Assets of the appellant company and the appellant has claimed depreciation on such Inventories earlier.
ITAT Mumbai held that mere passing off project specific architectural, drawings and designs with measurements does not amount to making available technical knowledge, experience, skill, knowhow or processes. Accordingly, cannot be brought to tax as Fee for Technical Services.
