The ITAT in Mumbai cancels penalties levied under Section 271(1)(c) of the Income Tax Act, in the case of Fancy Diamonds India Pvt Ltd. The tribunal held that such penalties aren’t applicable when additions are made purely on estimation
ITAT Mumbai held that payment on account of employees contribution towards PF and ESI after the due date of the respective acts is disallowable in terms of section 36(1)(va) of the Income Tax Act.
ITAT Mumbai held that proceeds received by assessee-company carrying on business of power generation on sale of certified emission reduction credit (carbon credit) is a capital receipt and not business income.
Analysis of the recent ITAT Mumbai judgment concerning Secunderabad Healthcare Ltd Vs CIT, focusing on the inclusion of commission earned from accommodation entry in the total income of the assessee.
The provisions of section 44AD/44AF of the Act apply only to presumptive assessment, where the turnover is Rs.40.00 lacs or less and not the cases, where turnover is more than that.
A deep dive into the significant ruling of ITAT Mumbai in ITO Vs Asahi Infrastructure Projects Ltd case, exploring the issues related to the reopening of the assessment and non-genuine purchases, as per the guidelines set in the landmark GKN Driveshaft case.
The ITAT Mumbai case of Rajesh Prabhudas Parekh vs CIT(A), ITO is an insightful judgment on on-money payments in real estate transactions and the necessity of corroboration in such cases.
ITAT Mumbai held that rejection of books of accounts of the assessee being a corporate assessee and subjected to statutory audits cannot be done in a light manner. Accordingly, matter remitted back to AO for re-adjudication.
Explore the intricate details and implications of the ITAT Mumbai ruling in the ITO vs Mayur R. Kamdar case. Delve into the tax implications of alleged bogus purchases and understand how this landmark case has unfolded.
ITAT Mumbai held that addition of notional interest on advances to related parties (i.e. the directors and sister concern/related parties) unsustainable as the assessee has been able to substantiate availability of sufficient interest free funds.
