Paramshakti Distributors Pvt. Ltd. vs. ACIT: ITAT Mumbai Deletes Addition of Share Application Money – Identity, Creditworthiness, and Genuineness Proved
Learn about the case involving Noble Corporation and ITAT Mumbai restricting addition to 7% of value of bogus purchases. Discover the key documents and the ruling of Assessing Officer in this blog post.
ITAT Mumbai held that Arm’s Length Price (ALP) of guarantee commission was determined at the rate of 0.3523% instead of 1.25%.
ITAT Mumbai held that unsold flats which are in stock in trade should be assessed under the head “business income” and there is no justification in estimating the rental value from those flats and notionally computing annual letting value under section 263 of the Act.
ITAT Mumbai held that once only comparable as chosen by DRP fails, then same loses the comparability for determining the ALP.
ITAT Mumbai denies capital gain exemption ( Section 54/54F) to Hem Chandra R. Gavankar for investing in a house in his wife and daughter’s name.
In the case of D.C. Polyester Ltd. vs. DCIT (ITAT Mumbai), penalty under section 270A was contested for changing income head. Detailed analysis and outcome explained.
Mumbai ITAT deletes penalty under section 271(1)(c) of the Income Tax Act on estimated quantum addition based on information from Sales Tax Department. Full text order.
Inter Publicity Pvt. Ltd. Vs DCIT (ITAT Mumbai) Introduction: The recent order from ITAT Mumbai, dated 17/10/2023, in the case of Inter Publicity Pvt. Ltd. vs. DCIT sheds light on the assessment year 2014-15. The appeal addresses concerns about additions under section 68 of the Income Tax Act related to share application money. Detailed Analysis: […]
ITAT Mumbai’s decision on assessment in the name of a deceased assessee. Analysis of the case, legal implications, and implications for legal heirs. Learn more.
