ITAT Mumbai

Laconic order deleting Penalty passed by CIT(A) was invalid

ACIT Vs Kapu Gems E-Tower Centre (ITAT Mumbai)

ACIT Vs Kapu Gems E-Tower Centre (ITAT Mumbai) The Assessing Officer concluded that the TPO has called for specific details pertaining to segmental profitability between AE and non-AE segments within the meaning of section 92D(3) of the income tax Act, 1961. The details were called for during transfer pricing proceedings and assessee was ...

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No tax on Rental Compensation for Alternate Accommodation from Developer

Smt. Delilah Raj Mansukhani Vs ITO (ITAT Mumbai)

we find that compensation received by the assessee towards displacement in terms of Development Agreement is not a revenue receipt and constitute capital receipt as the property has gone into re­development. In such scenario , the compensation is normally paid by the builder on account of hardship faced by owner of the flat due to displa...

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If agent been paid at ALP than existence of DAPE is wholly tax-neutral

ADIT Vs Asia Today Limited (ITAT Mumbai)

ADIT Vs Asia Today Limited (ITAT Mumbai) It has not been the case of the revenue authorities at any stage that the remuneration paid to the Indian agent is not an arm’s length remuneration for the services rendered by the agents concerned, yet a prayer is now made that the matter should be sent back […]...

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Cloud Hosting Services to Indian customers not taxable as ‘Royalty’ as per India-US DTAA

Racksapce US, Inc Vs Deputy Commissioner of Income Tax (Mumbai)

Cloud hosting services provided USA company to its Indian customers were not covered under the definition of ‘royalties’ as per India-US Tax Treaty as the agreement was to provide hosting services simpliciter and was not for the purpose of giving the underlying equipment on hire or lease and accordingly, it could not be said as royalt...

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Loan cannot be treated as bogus without considering documents submitted by Assessee

Ramanlal K. Darji Vs ITO (ITAT Mumbai)

It was found that assessee confirmed loan transactions and confirmation was on record. Revenue nowhere considered said documents and rejected claim of assessee without any basis. Rejection of claim of assessee without any basis was not justified. Issue was restored back to AO to decide it afresh after giving an opportunity of being heard ...

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Balance Unclaimed additional depreciation allowable in immediately succeeding assessment year

Supermax Personal Care Private Ltd Vs DCIT (ITAT Mumbai)

Supermax Personal Care Private Ltd Vs. DCIT (ITAT Mumbai) The facts on record clearly reveal that in Assessment Year 2012-13 the assessee had purchased new plant and machinery on which additional depreciation @20% is allowable. However, since the plant and machinery were put to use for a period of less than 180 days in Assessment [&hellip...

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ITAT restricts addition to 5% of alleged non-genuine purchases

ACIT Vs Rishab Steel House (ITAT Mumbai)

ACIT Vs Rishab Steel House (ITAT Mumbai) Since, Ld.CIT(A) followed the order of the Tribunal in assessee’s own case for the earlier as well as subsequent assessment years on identical issue and decided partly in favour of the assessee by directing the Assessing Officer to estimate the profit element in alleged non-genuine purchases at 5...

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Section 50C: Benefit of Higher Tolerance band of 10% is retrospective

Maria Fernandes Cheryl Vs ITO (ITAT Mumbai)

Maria Fernandes Cheryl Vs ITO (ITAT Mumbai) Once legislature very graciously accepts, by introducing the legal amendments in question, that there were lacunas in the provisions of Section 50 C in the sense that even in the cases of genuine variations between the stated consideration and the stamp duty valuation, anti-avoidance provisions ...

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Tax Payable on ESOP to Dubai Based taxpayer for services rendered in India

Unnikrishnan V S Vs ITO (ITAT Mumbai)

In case the assessee is to get ESOP benefits in respect of his service in U.A.E. and he exercises these options at a later point of time, say after returning to India and ceasing to be a non-resident, he will still have the treaty protection of that income under article 15(1). This principle, however, is not a one-way route. Conversely...

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No penalty for duly disclosed  transactions reflected in seized dairies in Returns pursuant to Section 153A notice

Jayant B Patel HUF Vs DCIT (ITAT Mumbai)

Jayant B Patel HUF Vs DCIT (ITAT Mumbai) (a) No penalty under Explanation-5 to Section 271(1)(c) of the Act could be levied in respect of undisclosed income found in the course of search but which were duly returned by the assessee in the return filed u/s.153A of the Act together with compliance of other conditions […]...

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June 2022