ITAT Mumbai held that disallowance of payment towards PF and ESI contributions, under section 36(1)(va) r.w.s. 2(24)(x) when payment made well before due date of filing Income Tax Return u/s 139(1) is unsustainable even if reported by the auditor in tax audit report.
ITAT Mumbai held that exemption under section 54 for the amount invested towards the purchase of new residential property under consideration up to the date of filing of belated return under section 139(4) of the Income Tax Act.
ITAT Mumbai held that compensation received in respect of award/ agreement under Section 96 of Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not taxable under Income Tax Act, 1961.
ITAT Mumbai held that interest earned from FDR is taxable under section 57 under the taxable head Income from other sources and not under business income.
ITAT Mumbai held that with effect from 1st April 2003, Computer Software has been classified as a tangible asset under the heading Plant entitled for depreciation @60%.
ITAT Mumbai held that CIT(E) did not enjoy the power to impose any conditions on his own while granting the approval u/s 80G of the Income Tax Act (other than what is stipulated in law).
ITAT Mumbai held that order of Commissioner passed under section 119(2)(b) of the Income Tax Act is not appelable before the ITAT. Such order can either be appealed directly to the Sectary, CBDT or can be challenged before High Court.
ITAT Mumbai held that provisions made on best estimate basis is allowable as deduction as disallowance of excess and short year end provisions in current year and allowing the same in subsequent year is revenue neutral.
Income tax addition could not be made under section 43CA in absence of element of transfer. When assessee was not an owner of any asset, there couldn’t be any question of transferring the same to someone else whether provisions of sec43CA was complied with or not would be a secondary issue.
If the recipient of income has deposited tax timely in the form of advance tax to revenue, there is no loss suffered to revenue, and no liability for penal interest can be invoked.
