Assessee explained that delay in filing TDS return is due to his negligence, non-awareness of importance of filing TDS return & lack of Professional assistance
ITAT held that when assessee filed return of income well before due date, but due to inadvertence, not filed independent auditor’s report, which it has filed later on, the claim of assessee /- under section 80P(2)(d) of Income-tax Act, 1961, if otherwise admissible, cannot be denied.
ITAT Mumbai held that commodity transactions carried out as regular business transaction cannot be treated as speculative transaction. Accordingly, the loss incurred from the same is treated as normal business loss.
ITAT Mumbai held that penalty under section 271(1)(c) of the Income Tax Act is leviable as incomes were not offered to taxation with a dishonest intention to conceal the income and evade tax.
ITAT Mumbai held that exemption under Section 10(23C) of the Income Tax Act is available to the payments received for consultancy services provided by university.
ITAT Mumbai held that lease rental paid in respect of the vehicles used by its employees is revenue in nature and allowable as deduction.
ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter.
Held that in respect of concluded assessments, the earlier assessment completed should not be disturbed in the search assessments without existence of any incriminating material.
CIT(E) lacked jurisdiction to impose any conditions on his own (other than what is stipulated in law) while granting approval under section 80G of Income Tax Act
ITAT Mumbai set aside the matter for fresh adjudication as none of the aspects and the relevant facts have been properly looked into and examined by the lower authorities
