ITAT Mumbai held that onus is on the assessee to establish that the specified expenditure incurred was wholly and exclusively for the purpose of the business, disallowance of expenditure justified in absence of such establishment.
ITAT Mumbai held that expenditure incurred on such foreign travel cannot be disallowed on the reason that it was a pleasure tour and not meant for the purpose of business, as assessee furnished all the relevant details with supporting evidences together with the purpose of foreign travel.
DCIT Vs 3i Infotech Consultancy Services Limited (ITAT Mumbai) ITAT held that factoring charges incurred by the assessee company is not in the nature of interest and that the assessee was not under the obligation to deduct TDS as per the provisions of section 40(a)(ia) of the I.T. Act. For this, we would like to […]
Larsen & Toubro Public Charitable Trust L&T House Vs ITO (ITAT Mumbai) Rule 37BA(3)(ii) allows splitting up of TDS amount over a number of years if corresponding income is assessable over a number of years A.R submitted that certain income received by the assessee is split between two or more years under accounting principles. Accordingly, […]
ITAT Mumbai held that once department issued the certificate of non-deduction of TDS under section 195(2), then department cannot disallow the same expenditure under section 40(a)(i) on the allegation that assessee failed to deduct TDS.
The ITAT deleted the adjustment in respect of international transaction of Payment of Interest on Fully Convertible Debentures by upholding the contentions that LIBOR was not applicable as there was no lending/borrowing in foreign currency and assessee had issued rupee dominated debentures.
CSR expense disallowance is restricted to expenses incurred by assessee under statutory obligation u/s.135 of companies Act 2013 and it doesn’t apply to expenditure incurred in discharge of corporate social responsibility (CSR) on voluntarily basis.
ECL Finance Limited Vs ACIT (ITAT Mumbai) As per sub-section 3 to section 92CA inserted with effect from 1.6.2007 time limit for TPO to pass the order is within the period of sixty days prior to the date of completion of the order as per section 153 of the Act. Since reference under section 92CA […]
Due to invalid notice service and non-service of notice to assessee, the assessment order made by AO is therefore bad in law and subject to being quashed.
ITAT Mumbai held that it is an undisputed fact that loan is borrowed for the purpose of project and the said project constitutes stock-in-trade. Accordingly, interest expenditure cannot be disallowed by capitalizing it to work in progress. Such interest expenditure is revenue in nature.
