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Inland Haulage Charges are inextricably linked to shipping business in international traffic, thus, not taxable as business profit in India.
Avana Global FZCO. Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29722 (ITAT-MUMBAI)
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Reassessment proceedings were bad in law since the jurisdictional condition is not satisfied in the present case.
Navajbai Ratan Tata Trust Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29707 (ITAT-MUMBAI)
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Once the insolvency proceedings commenced under IBC, all the litigations are to be pursued by Resolution Professional appointed by the Committee of Creditors and not by the company.
Reliance Communications Ltd Vs Addl. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29692 (ITAT-MUMBAI)
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Revenue is not justified in denying exemption under Section 11 where Trust received premium along with rent, which was alleged to be lower than the market rate from a company, whose promoter was one of the Trustees.
Mehta Charity Trust Vs Dy. Director of Income Tax
(2022) TaxCorp(LJ) 29691 (ITAT-MUMBAI) · Section 11
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In the absence of separate orders under Section 120(4)(b) and Section 127, the Addl. CIT / JCIT had no power to perform the functions of an Assessing Officer and frame the assessment where notices under Section 143(2) were issued by ACIT.
Vertiv Energy Pvt. Ltd. Vs Additional Commissioner of Income Tax
(2022) TaxCorp(LJ) 29660 (ITAT-MUMBAI) · Sections 120(4)(b), 127
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What is relevant is not the method of accounting followed by the Assessee but evaluating the actual business of the Assessee and the actual receipts in the business.
Sudhir Mahamunkar Vs Income Tax Officer
(2022) TaxCorp(LJ) 29651 (ITAT-MUMBAI)
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The dividend in question was subjected to DDT and constitutes Assessee’s income even though received by a merchant banker on behalf of the shareholders including the Assessee, under a scheme approved by the High Court.
JP Morgan Funds Vs Deputy Commissioner of Income Tax (IT)
(2022) TaxCorp(LJ) 29650 (ITAT-MUMBAI)
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Even though prima facie the penalty under Section 271D and 271E is attracted, the same cannot be charged since the Assessee has proved that that there is reasonable cause for passing the journal entries.
Macrotech Developers Limited Vs DCIT
(2022) TaxCorp(LJ) 29644 (ITAT-MUMBAI) · Sections 269SS, 269T
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Receipt on sale of carbon credit shall be a capital receipt and not a business receipt or income.
Essel Mining & Industries Limited Vs Dy. CIT
(2022) TaxCorp(LJ) 29643 (ITAT-MUMBAI)
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In terms of Section 176, no proceedings could be initiated against the Assessee including the proceedings before the ITAT since IBC has overriding effect over all the laws including the Income-tax Act.
Mahavir Roads & Infrastructure Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29642 (ITAT-MUMBAI)
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The method adopted by Assessee is just and proper in accordance with Rule 115.
Anurag Chandra Vs National Faceless Appeal Centre
(2022) TaxCorp(LJ) 29641 (ITAT-MUMBAI)
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A mistake apparent from record shall be an obvious and patent one and not which needs a long-drawn process of reasoning with conceivably two opinions and an order on a debatable point of law is not a mistake apparent from the record.
Intelenet Global Services Pvt. Ltd Vs ACIT
(2022) TaxCorp(LJ) 29621 (ITAT-MUMBAI)
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Prize winnings from lotteries would get taxed u/s 2(24)(ix) r/w Sec. 56(2)(ib) in the hands of a consumer who is just holding the lottery ticket and participates in the draw and not on the dealer of lottery tickets.
Pooja Marketing Vs Pr. CIT-31
(2022) TaxCorp(LJ) 29620 (ITAT-MUMBAI) · Sections 71, 115BB
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Merely because a particular receipt, which is in the capital field, had been offered to tax by the assessee voluntarily in the return of income while computing book profits u/s 115JB of the Act, it cannot be brought to tax merely on that ground.
Batliboi Limited Vs Dy.CIT
(2022) TaxCorp(LJ) 29619 (ITAT-MUMBAI)
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Revenue is directed to maintain status quo on adjustment of pending refunds against outstanding demand in the interim.
Tata Steel Limited Vs ACIT
(2022) TaxCorp(LJ) 29617 (ITAT-MUMBAI)
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Taking into consideration the above factual position in the present case, we grant the extension of stay of demand for a further period of 180 days from the date of this order or till the disposal of present appeal, whichever is earlier.
Sony Pictures Networks India Private Limited Vs Asstt. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29616 (ITAT-MUMBAI)
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The amount transferred by the domestic broker as reinsurance premium to the correspondent overseas broker is not the income of the overseas broker therefore, no tax is required to be deducted at source for such remittances.
International Reinsurance and Insurance Consultancy & Broking Services Pvt. Ltd Vs ITO(IT)-2(2)(2)
(2022) TaxCorp(LJ) 29595 (ITAT-MUMBAI)
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Exception provided in the circular would apply only in respect of quantum assessment proceeding and same cannot be made applicable for penalty proceedings.
Shankheshwar Real Estate Company Vs ACIT
(2022) TaxCorp(LJ) 29588 (ITAT-MUMBAI)
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The decision rendered by co-ordinate bench for AY 2014-15 for all three appeals shall apply mutatis mutandis to this AY also.
Sir Dorabji Tata Trust Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 29584 (ITAT-MUMBAI)
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Right to receive interest on government and other securities arises on due date only, which falls after the accounting year and accordingly, it cannot be taxed in the accounting year itself.
STATE BANK OF INDIA Vs ACIT
(2022) TaxCorp(LJ) 29576 (ITAT-MUMBAI)
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