Explore Almech Enterprises Vs. ACIT case. Learn why a cash shortfall in a survey compared to books doesn’t warrant an addition under section 69C of the Income Tax Act.
Held that the entries in the books of account of amalgamating companies prior to amalgamation cannot be part of the additions made under section 153A in the hands of the assessee (i.e. amalgamated company). Accordingly, additions deleted.
A recent ITAT Mumbai ruling in Mehboob Amirali Kamdar vs. ITO demonstrates that the absence of actual money receipt and an accounting mistake can prevent a Section 68 addition.
In a case of tax assessment, ITAT Mumbai directs the DVO to determine Fair Market Value for Imran Kapadia. Details of the order and implications.
Read the ITAT Mumbai order on Arshiya Ltd vs. DCIT for A.Y. 2010-11 & 2012-13. Learn about additions in 153A assessment based on incriminating material and their deletion.
ITAT Mumbai upheld the application of Section 56(2)(viib) of the Income Tax Act on excess share premium arising from a loan to equity conversion. Learn more about the case.
ITAT Mumbai held that amendment to section 36(1)(va) is not applicable to A.Y. 2017-2018. Accordingly, as the employees contribution to provident fund is deposited before the due date u/s. 139(1) of the Act, the same cannot be disallowed.
ITAT Mumbai held that order passed u/s 263 of the Income Tax Act by merely remitting the matter back to AO without giving a finding that profit declared by assessee is erroneous in so far as it is prejudicial to the interest of the revenue is liable to be set-aside.
In the Sonam Rajesh Rateria vs. ITO case, ITAT orders re-adjudication due to non-consideration of the Assessee’s unsigned reply to a notice under section 147.
ITAT Mumbai held that Arm’s Length Price (ALP) of Employee Stock Option Plan (ESOP) cannot be taken as NIL. Accordingly, matter set aside with direction to re-compute ALP and transfer pricing adjustment.
