Courts: ITAT Mumbai
Find latest ITAT Mumbai judgments, orders and case laws on income tax covering assessments, transfer pricing, international taxation, capital gains, TDS, reassessment and penalties.
Excise duty Refund eligible for deduction u/s. 80IB(1)
Section 263 – CIT is empowered to modify the assessment order passed by AO in case, the order is found to be erroneous and prejudicial to the interest of revenue
Receipts on account of tender form and recovery of house accommodation and furniture & fixture provided with house accommodation are of capital nature.
Assessee can set off brought forward losses even if he do not file the return of subsequent years within time required u/s.139(1)
When assessee follows project completion method as per AS-7, it is entitled to set off receipts from sale of TDR against costs of work-in-progress and such amount taxable in the year of receipt
Deduction u/s 80IA and 80HHC are to be calculated independently on the eligible profits
Assessee is entitled to deduction for society charges for the property given on rent
Loss of investment not allowable as business loss and for claiming an amount as bad debt conditions specified in section 36(2)(i) are required to be fulfilled
Payment of statutory liabilities/miscellaneous expenses, etc made by the assessee to the C & F agency not covered u/s 194C
Stamp duty paid during the course of amalgamation and compensation paid to employees under VRS scheme is deductible as revenue expense
Assessee not eligible for deduction u/s. 80RRA if the technical services provided by the assessee are not approved by the Govt.
Payment made by the assessee to the society as society maintenance expenses are not covered under section 194C
Under project completion method entire project as a whole is to be seen and hence transfer of some flats via registration is not conclusive of the year in which the income attributable to the project is to be taxed
section 41(1) Merely because liability is more than 5 years old does not mean that there is a cessation or remission
ITAT Mumbai judgments and orders represent an extensive body of income-tax appellate jurisprudence covering individuals, businesses, companies and other taxpayers. This TaxGuru page brings together decisions relating to assessments, additions, deductions, exemptions, business income, capital gains, transfer pricing, international taxation, TDS, reassessment, unexplained income, penalties and procedural disputes. Chartered Accountants, advocates, companies, taxpayers and tax professionals can use this collection to research ITAT Mumbai precedents and follow important developments under the Income-tax Act. The page includes recent as well as significant earlier Tribunal decisions published on TaxGuru, providing a comprehensive reference point for direct tax case-law research and appellate practice.
