Since AO had taken recourse to the provisions of section 142(2A) only with a view to extend the period of limitation by virtue of clause (iv) of Explanation 1 to section 153(9) for completion of assessment, without the conditions being satisfied in section 142(2A), therefore, the assessment framed by AO under section 143(3) was barred by limitation and invalid.
Royal Western India Turf Club Vs PCIT (ITAT Mumbai) Undisputedly, the original assessment in case of the assessee was completed under section 143(3) of the Act on 06-02-2014. Subsequently, the assessment was reopened under section 147 of the Act and notice under section 148 of the Act was issued to the assessee on 26-03-2018. The […]
Where assessee claimed depreciation on new server, storage and accessories procured during the year on lease and the assessee incurred cost of such asset and was also paying interest on lease; the assessee would be eligible to claim such depreciation.
Atos Information Technology Singapore Pte Ltd Vs DCIT (ITAT Mumbai) Facts- The assessee is incorporated in Singapore and is also a tax resident of that country. As stated by the AO, during the year under consideration the assessee had provided certain services to its group concern in India, viz. Atos India Pvt Ltd (Atos India) […]
Board of Control for Cricket in India Vs PCIT (ITAT Mumbai) Facts- The appellant (BCCI) has preferred an appeal against three show-cause notices issued by the department alleging that the tax exemption that the appellant is enjoying under Section 12A of the Income Tax Act should not be revoked for generating income through the IPL. […]
Maharashtra Housing & Area Development Authority (MHADA) Vs DCIT (ITAT Mumbai) Merely because MHADA builds tenements and sells them does not lead to any inference that MHADA’s activities are in the nature of trade, commerce or business. We have already discussed in detail that assessee’s activity is no way can be held for the profit […]
Firemenich Aromatics Production (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai) We find that IS charges were paid by the assessee for obtaining access to ERP software and for regular recurrent services and such charges were paid in earlier years also. In AY 2012-13, similar adjustment proposed by Ld. TPO was deleted by coordinate bench on […]
Bombay Chamber of Commerce & Mackinnon Mackenzie Building Vs ITO (ITAT Mumbai) Concluion: In present facts of the case, while allowing the appeal, it was held that the activities of Assessee comes under “charitable purpose” as defined under Section 2(15) of the Act and is eligible for exemption, because the amounts received by the assessee […]
In this case ITAT Mumbai has recommended constitution of a larger bench to decide on whether expenditure for providing freebies to medical professionals can be allowed as a deduction in accordance with Section 37(1) of the Income Tax Act, 1961
Laxmi D. Gupta Vs ITO (ITAT Mumbai) ITAT: Telecom Distributor is exempt from TDS on Commission given directly to Retailers by Service Provider In the case, the Appellant is engaged in distribution of SIM cards and mobile recharge coupons of Uninor. During proceedings, upon perusal of financial statements, the AO disallowed the expenses claimed by […]
