ITAT Mumbai held that mere presumption that plots are intended for further sale and hence plots were stock-in-trade does not make the claim satisfying as the assessee failed to prove the same by way of evidences.
ITAT Mumbai held that purchase of residential property within specified period of one year before the sale of capital asset (commercial property) is allowable as exemption under section 54F of the Income Tax Act 1961.
ITAT Mumbai held that that the interest paid by the Indian branch-PE to the head office-GE is not taxable in India in terms of India-France DTAA.
Held that education cess paid by the respondent-assessee is not allowable as an expenditure under Section 37 read with 40(a)(ii) of the Income Tax Act.
ITAT Mumbai held that there is no element of technical knowledge, experience, skill knowhow or process in the rendering of brokerage services. Therefore, the payment of brokerage by the assessee to the brokers not being covered as FTS-FIS is not taxable in India either pursuant to Sec. 9(1)(vii)
ITAT Mumbai held that the Department cannot swallow tax paid by the assessee and deny credit of tax deducted, which pertains to the assessee. AO cannot simply decline the credit of TDS. AO directed to allow the TDS credit after due verification.
ITAT Mumbai held that addition in respect of commission income earned on different transactions for loans and advances for share application money for purchase and sales, etc. sustainable as it is proved that assessee is into the business of providing accommodation entries.
ITAT Mumbai held that catalyst expenditure merely used as consumables is revenue expenditure. Accordingly, the same is allowable as deduction.
ITAT Mumbai held that addition on account of difference in stock as per books and valuation report merely on the basis of statement recorded during survey without credible evidence is unsustainable in law.
Defect in statutory notice in not striking out of irrelevant ground vitiates penalty proceedings for the reason that assessee has not given sufficient notice for preparing his defense, as to grounds on which penalty proceedings have been initiated.
