ITAT Mumbai

Once basis of addition is not sustainable than direction for further enquiry U/s. 263 not sustainable

Mukand Sumi Metal Processing Limited Vs Principal CIT (ITAT Mumbai)

Mukand Sumi Metal Processing Limited Vs PCIT (ITAT Mumbai) Provisions of section 56(2)(viib) invoked in the notice u/s. 263 by the ld. CIT is not applicable to the assessee company. As the assessee company was falling under section 2(18) of the Income Tax Act, 1961 being a company in which public are substantially interested. This [&helli...

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Section 40(a)(ia) applies only when there is no TDS deduction

Scrabble Entertainment Ltd Vs ACIT (ITAT Mumbai)

Once there was compliance to TDS provisions, even if there was short deduction of TDS or TDS had been deducted under different sections, there was no scope for AO to disallow expenditure under section 40(a)(ia) as provisions under section 40(a)(ia) is applicable only when there is no TDS deduction....

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Deduction of interest on borrowed capital U/s. 24(b) on building demolished during the year

Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai)

Deegee Software (P) Ltd. Vs ITO (ITAT Mumbai) As long as the ‘annual value’ of a property can be determined under 23, there would be no embargo, as regards claim of ‘interest on borrowed capital’ under section 24(b).  Though a restriction as regards the quantum of deduction, is provided in the first proviso of section […]...

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Sec. 153C Addition cannot be made merely based on Dumb documents

ITO Vs Kranti Impex Pvt. Ltd. (ITAT Mumbai)

When dumb documents like loose sheets of papers are recovered and revenue wants to make use of it, onus rests on the Revenue to collect cogent evidence to corroborate the noting therein. As AO failed to do so, addition made under section 153C was deleted....

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Mere affidavits of CAs not sufficient to Condone Delay in Filing Appeal

M/s. Astec Lifesciences Ltd. Vs DCIT (ITAT Mumbai)

The only change in facts is that there are divergent statements by way of affidavits from two Chartered Accountants, one in favour of the assessee and one is against the assessee. Except this the assessee has not brought out any records to prove its bonafide attempts made in filing appeal against the order passed by the AO. ...

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Transfer Pricing- AMP expenses-Brand promotion vis-a-vis product promotion

Nivea India Pvt. Ltd Vs ACIT (ITAT Mumbai)

Nivea India Pvt. Ltd Vs ACIT (ITAT Mumbai)  TPO had not brought on record the fact that AMP expenses incurred by assessee were not for its own business. The sole basis on which adjustment, under the head AMP expenditure, was made was that expenditure incurred by assessee was significantly higher than that of its comparable […]...

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Write-Off of Donations & Fixed Assets is Application of Funds

Apne Aap Women Worldwide (India) Trust Vs ITO (ITAT Mumbai)

Apne Aap Women Worldwide (India) Trust Vs ITO (ITAT Mumbai) In ground number-4, the assessee is aggrieved by certain amounts written-off in the books of accounts but not treated as application of Trust Income by the revenue. The assessee has written-off an amount of Rs.1,71,313/- as donations receivable from the donors but remaining unrec...

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Income derived from property is taxable as ‘Income from House Property’

M/s. Suyash Holding & Estate Developers Pvt. Ltd. Vs ITO (ITAT Mumbai)

Where rental income was received by assessee as owner of flat same was to be assessed under head income from house property and not as business income, as flat was not stock-in-trade in assessee-builder’s case....

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No Penalty when Assessee disclosed all facts in COI filed with ROI

ACIT Vs. M/s Novartis India Pvt. Ltd. (ITAT Mumbai)

Where claim of deduction had came up with a complete disclosure of all the facts by way of a note to the Computation of Income (COI) filed with assessee’s Return of Income (ROI) for the year under consideration, no penalty under section 271(1)(c) was called for :Novartis India case...

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Periodical lease rent cannot be equated with lump-sum payment for land acquisition

Shell India Markets (P) Ltd. Vs. DCIT (ITAT Mumbai)

These cross appeals filed by the assessee as well as the revenue are directed against the order of CIT(A)-7, Mumbai dated 27-12-2011 and it pertains to AY 2006-07. Since both the appeals pertains to same assessee, for the sake of convenience, they were heard together and are disposed of by this common order....

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