ITAT Mumbai held that foreign travelling expenses in respect of spouses who accompanied on official tour with some of the company employees is allowable expenditure.
ITAT Mumbai held that genuine TDS credit to Rinfra cannot be denied merely because credit of TDS didn’t reflected in Form 26AS as on account of transfer of business, Adani Electricity Mumbai Ltd. (AEML) transferred the income and TDS credit to Reliance Infrastructure Ltd. (Rinfra).
ITAT Mumbai’s recent decision in Anilkumar Champalal Jain Vs. ITO, where assessee’s lack of active engagement with tax authorities led to additional costs. Explore importance of taking tax obligations seriously and potential consequences of negligence.
ITAT Mumbai held that deduction under section 80P(2)(d) of the Income Tax Act duly available on interest income earned from FDs and RDs invested with cooperative bank.
ITAT Mumbai held that denial of exemption under section 10(23C)(vi) of the Income Tax Act justified as assessee has been found to be not ‘existing’ solely for the purposes of education.
ITAT Mumbai held that it is settled legal position that when income is estimated, then there can be no question of imposing penalty u/s 271(1)(c) of the Act.
ITAT Mumbai held that interest income earned by the assessee on account of surplus funds placed in FD is eligible for deduction under section 10AA of the Income Tax Act.
ITAT Mumbai held that disallowance u/s 14A untenable as AO has mechanically applied rule 8D without having recorded his satisfaction or examining the nature of investments whether they have yielded any exempt income or not.
ITAT Mumbai remanded the matter for adjudication of bona fide belief of TDS exemption in case of LTC relating to foreign travel vis-à-vis default u/s 201(1) and 201(1A) of the Income Tax Act.
ITAT Mumbai held that reopening of assessment u/s 147 without recording any specific reasons and without linking the information received from DDIT(Inv) specifically to assessee is invalid and liable to be set aside.
