DCIT Vs Asset Auto India Pvt. Ltd (ITAT Mumbai) The fact remains that no exempt income was earned by the assessee during the year under consideration. The Ld. CIT(A) has rightly followed the judgement of the Hon’ble Delhi High Court in Holcim India (P.) Ltd (supra).; IL & FS Energy Development Company Ltd (supra), where […]
ACIT Vs Bajaj Holdings & Investment Ltd (ITAT Mumbai) The issue under consideration is whether the replacement of jigs and fixtures considered as revenue expense or capital expense? ITAT states that, the expenditure incurred on replacement of jigs and fixtures are basically tooling aids required in the production process and these items are part of […]
ITO Vs. Scheme A1 of ARCIL CPS (ITAT Mumbai) Reversal of the impairment provision created by the assessee in the earlier years in respect of the financial asset was merely a book entry without any corresponding amount payable by anybody or any possibility of receiving any benefit or money or money’s worth. We are of […]
The issue under consideration is whether the CIT is correct in restricting the disallowance u/s 69C against bogus purchase at rate of 12.5% of the bogus purchases?
Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT) The ITAT Mumbai has put to rest an important controversy in the case of Mukesh Sohanraj Vardhan vs Income Tax Officer Mumbai decided on 28 August 2020 by holding that the extra consideration received on cancellation of Booking of Flats constitutes a ‘Capital Receipt’ and cannot be taxed as […]
whether assessee is considered as monthly tenant or deemed owner of the premises u/s.27(iiib) read with Section 269UA(f)(i) of the Act and accordingly whether rental income is taxable u/s.22 as ‘income from house property’ or not?
Resale Price Method (RPM) is a GP margin based method. It is a traditional transaction method. It primarily compares controlled and uncontrolled transactions. Under RPM we can tolerate slight differences in the products distributed by the two types of distributors as long as the broad category of products distributed is the same.
Tata Sky Limited Vs ACIT (ITAT Mumbai) Assessee made year-end provisions in respect of sale promotion, legal and professional fees, interest and programming costs. Further, these provisions were debited to the profit and loss account and not added back to the computation of total income by the assessee. Once, the assessee has claimed these expenses […]
DCIT Vs Maharashtra State Power Generation Co. Ltd. (ITAT Mumbai) When the assessee had came forth with the full disclosure of all the particulars in respect of its aforesaid claim of expense, which as observed by us hereinabove had not been proved to be incorrect by the lower authorities, therefore, merely for the reason that […]
Karmic Labs Pvt. Ltd. Vs ITO (ITAT Mumbai) We note that the assessee has issued shares at a premium. In order to ascertain the market value of the shares, the assessee adopted DCF method, as prescribed under Rule 11UA r.w.s 56(2) of the Act and accordingly, the shares were issued at a premium. According to […]
