While upholding part of addition under Section 2(22)(e), ITAT Mumbai directed Assessing Officer to restrict deemed dividend amount only to extent of accumulated profits of lending company.
ITAT Mumbai dismisses Revenues appeal, ruling that Goodwill from a High Court-approved amalgamation is a depreciable intangible asset under Section 32, rejecting the claim that it represents non-depreciable land value.
ITAT Mumbai condoned a 388-day delay and remanded the case of Dahisar Gramin Bigar Sheti Sahakari Pat to the Assessing Officer to verify ₹29.46 lakh in cash deposits claimed to be received from members during demonetisation, directing a fresh assessment after fair hearing.
ITAT Mumbai quashed search assessments under Section 153C, ruling that a single, non-speaking, and mechanical approval granted under Section 153D for multiple assessment years is invalid.
The Tribunal held that detailed inquiries by the AO made Section 263 inapplicable and upheld the assessee’s claims for capital loss and bad debts on merits.
ITAT Mumbai dismissed Revenue’s appeal, confirming that Rs.14.11 crore surplus from perpetual sale of film rights, copyrights, and intellectual property to a third party should be taxed as Long Term Capital Gain (LTCG), not Business Income.
Tribunal held that when sales are accepted and supported by evidence, entire purchases cannot be disallowed. Only the profit element can be added, restricting disallowance to ₹8,075 as per Bombay High Court’s ruling in Mohammad Haji Adam & Co.
ITAT Special Bench rules that may in Black Money Act Sec 43 means penalty is discretionary, not mandatory, requiring AO to consider assessee’s explanation before levy.
ITAT Mumbai sets aside CIT(E) order, holding Mohanji Bharat Welfare Foundation’s 80G registration application was timely, interpreting the six-month deadline from provisional approval expiry.
Where the property was not actually let out, and was treated as self-occupied property, in case of vacant property, the annual value under section 23(1)(a) must be determined on the basis of the Municipal Rateable Value and not market rent.
