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ITAT Mumbai

AO cannot treat donation given as Bogus without conducting any inquiry

May 11, 2023 4335 Views 0 comment Print

Ravindra K. Reshamwala Vs DCIT (ITAT Mumbai) It could be seen that the assessee had given donation on 21/06/2004 against valid receipt issued by the Trust. The donation was made through cheque which got cleared from assessee’s bank account. The assessee was issued requisite Form No.58A by the trust. The trust had valid registration at […]

Foreign tax credit against form 67 filed before completion of assessment is duly allowable

May 10, 2023 2910 Views 0 comment Print

ITAT Mumbai held that foreign tax credit duly available even if form no. 67 is filed along with the revised return as the form is filed before the completion of the assessment.

Revisional jurisdiction u/s 263 not invocable merely because PCIT may entertain different view

May 10, 2023 378 Views 0 comment Print

ITAT Mumbai held that AO took the plausible view of granting the benefit of mutuality after due application of mind. Accordingly, revisional jurisdiction u/s 263 cannot be invoked merely because PCIT may entertain a different view in the matter.

ITAT directs CIT(A) to examine if mandatory notice u/s 143(2) was issued by AO before issue of reassessment order

May 10, 2023 3060 Views 0 comment Print

Rameshkumar Tagraji Jain Vs ITO (ITAT Mumbai) It is noted that the assessee during the first appellate proceeding before Ld. CIT(A) had filed the written submission mainly assailing the validity of the action of the AO to have framed the reassessment order without issuance of mandatory notice u/s 143(2) of the Act and cited the […]

No violation of rule 46A as tally accounts produced before CIT(A) provided only better clarity

May 8, 2023 1203 Views 0 comment Print

ITAT Mumbai held that tally accounts produced before CIT(A) provides only better clarity and understanding of seized documents which are already on record before AO. Hence, submission of the same before CIT(A) doesn’t violate provisions of rule 46A of Income Tax Rules.

Addition u/s 69C merely because assessee dealt with suspected scrips is unsustainable

May 8, 2023 1869 Views 0 comment Print

ITAT Mumbai held that merely because assessee has dealt with suspected scrips, addition u/s 69C is not justified as purchase and sale of scrips were through recognized stock exchange and payments were through banking channel only.

ITAT deletes addition for cash deposit during demonetization as appellant duly explained deposits

May 6, 2023 5550 Views 0 comment Print

Jet Freight Logistics Limited Vs CIT Appeal (NFAC) (ITAT Mumbai) It is evident that assessee is in continuous need for payment of cash at various point of time and hence, assessee had to withdraw cash in order to satisfy its business requirements. Moreover, the assessee has got 9 branches all over India and such cash […]

Addition u/s 69 based on loose papers sustained on failure to contradict facts found during search

May 5, 2023 966 Views 0 comment Print

ITAT Mumbai held that addition under section 69 of the Income Tax Act on unaccounted, undisclosed income on the basis of the seized loose papers sustained as assessee failed to discharge his onus by contradicting the facts found during search proceedings.

Disallowance of short term capital loss merely based on information from investigation wing is unsustainable

May 5, 2023 1707 Views 0 comment Print

ITAT Mumbai held that disallowance of short term capital loss incurred on sale of shares by mechanically applying the information received from investigation wing is unsustainable in law.

Borrowing funds at higher rate & lending to director shows diversion of funds for non-business purpose

May 5, 2023 1272 Views 0 comment Print

Asuda Holdings Private Limited Vs CIT (ITAT Mumbai) ITAT Mumbai held that there is a clear diversion of funds for non-business purpose as funds are borrowed @18% and lended the same to one of its directors at 13.5%. Accordingly, disallowance under section 36(1)(iii) sustained. Facts- AO observed that assessee has taken loan from M/s. Elevators […]

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