PMS performance fees cannot be estimated before hand for the purpose of calculation of advance tax payable during the year because of uncertainty about the equity market since the performance fees can be ascertained by the assessee only on the last day of the year based on the stock market position as at the end of that day. I
Since the revised return of income was filed on 19.03.2015 u/s 139(4) of the Act, it was a valid revised return as per the law in force at that time. In such a scenario, the AO ought to have considered the revised return of income for assessing the income of assessee.
ITAT Mumbai held that disallowance alleging that the hedging transactions in non-cleared securities are illegal are unsustainable in law
ITAT Mumbai held that long term capital loss arising out of the sale of shares and units of mutual funds on which STT was paid and covered under section 10(38) could not be set off against long-term capital gain arising out of the sale of land as per section 70(3) of the Act.
ITAT Mumbai held that addition u/s 68 for investment in joint venture unsustainable as assessee has duly discharged the onus and given all the necessary documents for the identity, genuineness and creditworthiness of the parties.
ITAT Mumbai held that assessee is entitled to raise the additional legal submissions and also additional claims before the appellate authorities. Accordingly, appellate authorities have jurisdiction to entertain the new claim.
If purpose of incentive or subsidy was to enable assessee to set up a new unit or to expand existing unit then receipt of subsidy was of capital in nature.
Rohan Hattangadi Vs CIT (A) (ITAT Mumbai) From Rule 128, it is evident that the assessee has to file Form 67 on or before the due date of furnishing the return of income as per section 139(1) of the Act, which the statement specifies as mandatory and not directory as per the word ‘shall’ used […]
ITAT Mumbai held that payment made under the Sales or Return agreement are not in nature of ‘works contract’ but ‘purchase of goods’ and hence not liable to deduct tax at source under section 194C of the Income Tax Act.
ITAT Mumbai held that addition merely on the basis of confession during the course of search operation without supporting evidence is unsustainable in law.
