ITAT Mumbai held that TPO was correct in concluding that the rate at which loan is taken by the Appellant cannot be taken as internal CUP to benchmark the loan given by the Appellant to its AE as there is a difference in credit rating of the Appellant and its AE.
ITAT Mumbai held that disallowance of delayed payment of employee’s contribution to PF and ESIC in terms of section 36(1)(va) is incorrect claim apparent from any information in the return. Accordingly, adjustment is permissible under the scope of section 143(1).
The Income Tax Appellate Tribunal (ITAT) in Mumbai classifies investment in ULIP Policy as ‘Capital Asset’, with accretion on surrender taxable under ‘Income from Capital Gains’ and not ‘Income from Other Sources’.
Explore the ITAT Mumbai decision in the case of Maneken Keshvalla Patel Vs NFAC, where the appeal was reinstated despite discrepancies in PAN cited by the Assessee and Assessing Officer. Uncover the intricate details of the case.
ITAT held that dividend declared, distributed or paid by a domestic company to non resident shareholder (s) attract additional income tax (tax on distributed profits) referred to in section 115-O of the Act, such additional income tax payable by the domestic company shall be at the rate of mentioned in section 115-O of the Act and not at the rate of tax applicable to the non resident shareholder(s) as specified in the relevant DTAA with reference to such dividend income.
ITAT Mumbai held that the TPO is not correct in arriving at the ALP as NIL on the ground that the need and benefit test is not satisfied by the assessee without giving any contrary findings with regard to the various documents including the TP study submitted by the assessee.
ITAT Mumbai held that penalty levied for late filing of Profession Tax Return is penal in nature accordingly is not allowable as business expenditure.
ITAT Mumbai held that 100% addition in case of bogus purchases unsustainable. Notably, addition to the extent of rate of gross profit in case of bogus purchase is duly sustained.
ITAT Mumbai held that the assessee has merely got the license to use the software for its daily business requirement and has never owned the same. Further, such expense was used for business purpose on yearly rent basis it has not given any enduring benefit. Hence, such expense are revenue in nature.
Review the landmark ITAT ruling of Lifeline Medicare Hospitals Private Limited Vs CIT, where a notice levying fees for late filing of TDS prior to June 1, 2015 was set aside.
