ITAT Mumbai held that compensation paid by the builder for facing hardship during redevelopment of flats is in nature of capital receipts and accordingly not liable to tax.
ITAT Mumbai held that deduction under section 80HHE of the Income Tax Act is allowed against the gross total income.
Riya Sunil Jain Vs ITO (ITAT Mumbai) A.O has come to the conclusion that cash deposited in the bank account of the assessee has no connection with tuition income received by her. Therefore, the AO treated the cash deposited during the demonetization period appearing in the bank account as unexplained money u/s 69A of the […]
Pratap Joisher Vs ACIT (ITAT Mumbai) ITAT Mumbai held that assessment framed on the basis of ‘base note’ without preferring to collect evidence based on ‘consent waiver form’ is not sustainable in the eyes of law. Facts-On receiving information by the Central Board of Direct Taxes (CBDT) from French Authority under Article 28 of the […]
ITAT Mumbai held that there is a direct nexus between interest received on loan given to firm and interest payment on loan taken from the bank and hence netting of the net interest income allowable under section 57 of the Income Tax Act.
AO even after knowing about death of assessee, framed assessment in the name of Deceased which is bad in law and so assessment is annulled
ITAT Mumbai held that dividend declared, distributed or paid by a domestic company to a non-resident shareholder will attract Additional Income Tax (Tax on Distributed Profits) referred to in Sec.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.
ITAT Mumbai held that reimbursement of Indian salary and other benefits to the member companies by PII pertaining to all seconded personnel, technical personnel whether posted in India or overseas is not fee for technical services within the ambit of definition of explanation 2 to section 9(1)(vii) of the Act. Hence, TDS not deductible.
ITAT Mumbai held that action of Pr. CIT invoking jurisdiction u/s 263 of the Income Tax Act unjustified as order passed by the A.O. does not satisfy the twin conditions of erroneous and prejudicial to the interest of the revenue.
Neelam Nitin Sankhe Vs CIT (ITAT Mumbai) The only reason for making addition of Rs.27.00 lacs in Assessment Year 2013-14 and Rs.5.00 lacs in Assessment Year 2014-15 is that the name of assessee appeared in some document found during the search action in the case of Ameya Group(supra). There is nothing on record to further […]
