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Tribunal held that technical handling income is covered under Article 8 of India–France DTAA. It ruled that such income arises from operation of aircraft in international traffic and is not taxable in India.
The Tribunal held that protective additions cannot be sustained without establishing the assessee as the actual beneficiary of cash credits. It upheld deletion where ownership was not proven.
ITAT Mumbai held that the assessee is eligible for claiming Initial Public Offer i.e. [IPO] expenses proportionate to the shareholding in terms of clause (i) of section 48 of the Income Tax Act. Accordingly, the appeal is allowed to that extent.
The Tribunal upheld denial of loss set-off as the statutory eight-year limit for carrying forward capital losses had expired. It ruled that pending litigation does not extend the permissible period under the law.
The Tribunal allowed deduction of royalty paid for use of a logo, noting that no specific defect was found in the supporting evidence. It held that the expenditure could not be disallowed merely on grounds of justification without examining its business purpose.
The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a statutory levy and cannot be treated as revenue.
Investments made by a foreign company could not be attributed to a non-resident individual shareholder without lifting the corporate veil. AO could not tax these investments in the assessee’s hands without proving the funds were routed personally by him.
The issue was whether share capital addition could be sustained without seized evidence. The Tribunal held that in absence of incriminating material, the addition under Section 68 is invalid.
The issue was whether proceedings under Section 153C were time-barred. The Tribunal held that the assessment fell outside the limitation period and was therefore invalid.
The issue was whether approval under Section 151 granted without reasons is valid. The Tribunal held mechanical approval invalid, rendering the reassessment void and unsustainable.
