ITAT Mumbai held that as per Section 56(2)(ix) of the Act money received as advance would be treated as income liable to tax in the hands of recipients under the head ‘Income from Other Sources’ provided such advance is forfeited and the negotiations do not resulted in transfer of the capital assets.
ITAT Mumbai held that deduction u/s 80IA of the Income Tax Act duly available towards FDR interest, scrap sales and EDI charges and on account profit earned from the operation of Inland container Depot (ICD).
ITAT Mumbai held that penalty under section 271B of the Income Tax Act for delay in furnishing of audit report not leviable on account of reasonable cause shown that delay was due to the death of director who was also an accountant of the company.
There is no relevance of date of payment of wages for reckoning limit of 15 days for payment of employees contribution to provident fund : ITAT Mumbai
ITAT Mumbai held that cancellation of registration of trust retrospectively from AY 2016-17 under section 12AB(4) of the Income Tax Act is invalid.
Learn about ITAT Mumbai’s decision on TDS benefit allowance for Ignitive Digitech Private Ltd Vs DCIT – aligning TDS benefits with income assessment year.
“ITAT Mumbai upholds tax exemption for share of profit from partnership firm, rejects addition u/s 68 due to non-payment of taxes by the firm. Read the full ruling.
ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Full analysis of the case.
ITAT Mumbai allows the appeal by Jerry John Mendonca against the order of the Ld. CIT(A) for AY 2011-12. The ITAT imposes a cost of Rs. 5,000 on the assessee for non-compliance, to be paid to the PM Relief Fund.
ITAT Mumbai rules that penalty under section 271(1)(c) of the Income Tax Act is not leviable on estimated additions. The decision is based on the principle established in previous judgments.
