ITAT Mumbai held that transfer pricing (TP) adjustment relating to intra-group services unjustified as assessee duly demonstrated objective analysis of intragroup services rendered and kind of qualitative and quantitative benefit.
Understanding the Nakoda Metal Industries Vs ITO case in ITAT Mumbai. The article elaborates on why the court validated AO’s reassessment proceedings based on external information.
ITAT Mumbai held that loss arising on settlement of contracts has to be treated as speculation loss and speculative losses are not eligible for set off against the non-speculation profit.
ITAT Mumbai held that rate of tax in case of foreign company is higher than rate of tax in case of domestic company and as per the Explanation in the Section 90, inserted in the IT Act with retrospective effect from 01-04-1962 the should not be regarded as violation of nondiscrimination clause.
ITAT Mumbai held that guarantee fees paid to holding company for loan advanced by assessee to third party is commercial/ business expediency and hence allowable as deduction under Section 37 of the Income Tax Act.
Read the full text of ITAT Mumbai’s order directing re-adjudication of foreign income earned by a deceased assessee based on the residential status of the previous year.
Analysis of ITAT Delhis decision in DCIT Vs Aruna Chandhok case. Understand why no income tax is payable on bonus shares under Income from Other Sources.
ITAT Mumbai held that that loss arising due to embezzlement by the employees should be treated as incidental to the business such loss so suffered is allowable as deduction under section 28 of the Income Tax Act.
ITAT Mumbai imposes a cost on Rajendra Karbhari Bodake for ignoring income tax proceedings, highlighting the need to take such matters seriously.
ITAT Mumbai held that interest cost incurred towards acquisition of the clear title of the property is allowable as cost of acquisition.
