ITAT Mumbai held that addition of capital gain as unexplained cash credit u/s 68 of the Income Tax Act is unsustainable on the basis of generalized external information as it cannot be considered as incriminating material found during the course of search.
ITO Vs Solid Machinery Co Pvt Ltd (ITAT Mumbai) It was noticed that the assessee has made purchases of textile items, i.e. fabrics, worth Rs 19,22,05,946 from a large number of entities, and sold all these goods to three entities- namely Global Softech Limited, Ravi Raj Industries, and Tayal Energy Limited, for amounts aggregating to […]
Manmohan Textiles Limited Vs National Faceless Appeal Centre (ITAT Mumbai) Provisions of Section 10(34) of the Act which stood amended by the Finance Act, 2020 and is applicable from A.Y.2021-22 onwards. For the sake of convenience, the amended provisions of Section 10(34) of the Act are reproduced hereunder:- “[(34) any income by way of dividends […]
ITAT Mumbai held that freight charges received from transportation of cargo through feeder vessels being part of shipping income in International Traffic is covered under Article–9(1) of the India–France Tax Treaty and hence not taxable in India.
Euro Diamonds Pvt. Ltd. Vs ITO (ITAT Mumbai) We noticed that the assessing officer has made the impugned addition on the basis of generalised information given by investigation wing that M/s Bhanwarlal Jain group is engaged in the business of providing accommodation sales bills without actually supplying the goods. There is no material on record […]
Vishnunarayan R. Modani Vs CIT (A) (ITAT Mumbai) Assessee has not furnished any material to show that the share transactions entered by him are genuine transactions. Accordingly, I am of the view that the Assessing Officer was justified in treating the capital gain of Rs.136,812/- and Rs.150,575/- as income under the head ‘income from other […]
Sunita Chaudhry Vs ITO (ITAT Mumbai) We find that SEBI vide interim order dated 19/12/2014 and 11/08/2015, inter-alia, restrained 154 entities, including the assessee, from accessing the securities market and buying, selling or dealing in securities, either directly or indirectly, in any manner, till further directions, pending investigation in the script of in case of […]
Mere registration at later date would not cover a transaction already executed in the earlier years and substantial obligations have already been discharged and a substantive right has accrued to the assessee therefrom.
Mohd. Ilyas Ansari Vs ITO (ITAT Mumbai) Assessing Officer mechanically applied provisions of section 56(2) to difference between stamp duty value and actual sale consideration paid by assessee and made additions, without making any efforts to find out actual cost of property, additions made by Assessing Officer were to be set aside. In this case […]
ITAT Mumbai held that activities of the appellant-society directed towards the benefit of investors and potential investors forming part of the general public which are note limited to the benefit of its members is eligible for deduction u/s 11 of the Income Tax Act, 1961
