ITAT Mumbai held that TDS is not deductible at the time of grant of ESOP but is deductible at the time of option is exercised by employees of the assessee and shares are allotted to the employees.
ITAT Mumbai held that addition towards difference of share premium u/s. 56(2)(viib) of the Act by rejecting the valuation determined by the assessee without referring the matter for valuation to DVO is unjustified. Matter remanded for referring the same to DVO.
ITAT Mumbai held that technical know-how fee received by the assessee falls under the category of royalty as defined in Section 80-O of the Income Tax Act and hence is eligible for deduction u/s. 80-O of the Income Tax Act, 1961.
ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed by AO without proper inquiry and verification with regard to claim of deduction u/s. 80IA(4).
ITAT Mumbai held that deduction u/s 80G of the Income Tax Act duly available irrelevant of the fact that corpus contribution to the donee relates to the CSR activities.
ITAT Mumbai held that the benefit under section 35(2AB) of the Income Tax Act is also available in respect of expenditure on clinical trials outside the approved in-house R&D facility.
ITAT Mumbai held that since the assessee has not earned any dividend income from its equity investment during the year disallowance of expenditure under section 14A of the Income Tax Act read with Rule 8D of the Income Tax Rules is not sustainable.
Read about ITAT’s decision to direct Tera Naturals Resources Pvt. Ltd. to deposit Rs 25,000 in PM Relief Fund due to non-compliance behavior during appellate proceedings.
The ITAT Mumbai invalidates reopening of assessment after 4 years with the approval of Joint Commissioner in the case of Maiden Marketing India Private Limited. Learn the detailed analysis of this decision.
ITAT Mumbai’s landmark decision: Mechanical approval under Section 153D of the IT Act vitiates assessments, making them liable to be quashed.
