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The Assessee’s understanding of legal position, even though bona fide is incorrect.
Desmond Savio Theodore Fernandes Vs Income Tax Officer
(2022) TaxCorp(LJ) 29178 (ITAT-MUMBAI) · Sections 270A, 246A(1)(q)
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The legislature in its wisdom has thought about this discrimination and has vide the Finance (No. 2) Act, 2019 has extended the benefit of the proviso to Section 201(1) even to the non-residents.
Grasim Industries Limited Vs JCIT(OSD)-Central
(2022) TaxCorp(LJ) 29139 (ITAT-MUMBAI)
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The expressions used in any mode of communication, and particularly in the legal world, have to be interpreted contextually.
Stemade Biotech Private Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29137 (ITAT-MUMBAI)
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The Assessee is entitled to carry forwards the brought forward capital loss to the subsequent assessment years without any adjustment.
Bluebay Mauritius Investment Ltd Vs DCIT(IT)-1(2)(2)
(2022) TaxCorp(LJ) 29128 (ITAT-MUMBAI)
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ITAT - The theory of payment to creditor for obtaining shares of membership of the stock exchange is only an ipse dixit of the assessee, devoid of cogent corroborative material.
Mukul H Dalal Vs ITO-2(2)(3)
(2022) TaxCorp(LJ) 29123 (ITAT-MUMBAI)
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It is not at the whim or fancy of the Revenue to decide as to what constitutes ‘beneficial ownership’ and the Revenue must also examine this fundamental concept and give categorical findings as to how requirements of beneficial ownership are satisfied in the present case.
Blackstone FP Capital Partners Mauritius V Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29100 (ITAT-MUMBAI)
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It is accepted principle of accounting that the loss has to be recorded as and when it is determined whereas the profit has to be recorded only when it is actually realised.
Ascent Hydro Projects Pvt. Ltd Vs Pr. CIT – 9
(2022) TaxCorp(LJ) 29072 (ITAT-MUMBAI)
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There was no positive balance of the capital account of the Assessee with the firm and thus the question of balance in her capital account being returned to her certainly did not arise.
Ramona Pinto Vs ACIT
(2022) TaxCorp(LJ) 29070 (ITAT-MUMBAI) · Section 28(iv)
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Where huge amounts credited to the bank account of the assessee, source of which is not explained, the provision of section 68 of the Act are applicable.
Nayan Arvind Lalan Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29060 (ITAT-MUMBAI)
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The tax u/s 115-O is a tax on dividend.
ITD Cementation India Ltd Vs DCIT
(2022) TaxCorp(LJ) 28992 (ITAT-MUMBAI)
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Speculative transactions are eligible to be set off against the loss of share transactions.
Cascade Holdings Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28988 (ITAT-MUMBAI)
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Interest paid on delayed payment of TDS under Section 201(1A) is allowable deduction.
Resolve Salvage & Fire India Private Limited Vs DCIT 14(3)(1)
(2022) TaxCorp(LJ) 28971 (ITAT-MUMBAI)
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Impugned order was issued under Section 12A(1)(ac)(i) which provision merely deals with making an application for registration.
Saifee Burhani Upliftment Trust Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 28957 (ITAT-MUMBAI)
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In view of the material on record, Assessee categorically explained that it issued unsecured perpetual non-convertible debentures entitled for fixed interest @ 11.40% along with redemption after the 10th year, therefore revision order is hereby quashed.
The Tata Power Co. Ltd Vs Principal Commissioner of Income Tax
(2022) TaxCorp(LJ) 28950 (ITAT-MUMBAI)
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PF dues paid before the due date of filing of income tax return under Section 139(1) is a deductible expenditure despite exceeding the permissible time limit under the relevant statute under which payment is made.
Kalpesh Synthetics Pvt Ltd Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28949 (ITAT-MUMBAI)
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Foreign reinsurance company earning reinsurance premium from the Indian concerns is not liable for tax in India.
Tata AIG General Insurance Company Ltd Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28948 (ITAT-MUMBAI) · Section 32
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The percentage of freight expenses and diesel, petrol and oil expenses in cash in comparison to freight income is minuscule.
M/s.Bhushan Logistics Pvt. Ltd. Vs Income Tax Officer
(2022) TaxCorp(LJ) 28922 (ITAT-MUMBAI)
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If there is no business receipt during the year, assessee should wind up the infrastructure and start all over again when the business receipts start following.
Cineyug Vs DCIT
(2022) TaxCorp(LJ) 28920 (ITAT-MUMBAI)
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The provisions of section 56(2)(viib) or Rule 11UA are plain, clear and unambiguous and nowhere provide for rounding off to nearest rupee or multiple of ten or hundred.
Royal Accord Realtors Pvt. Ltd. Vs DCIT
(2022) TaxCorp(LJ) 28893 (ITAT-MUMBAI)
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Sec 11(7), which restricts the availability of exemption u/s 10(34) to Charitable trusts, came into effect only from April 01, 2015, thus inapplicable to subject AY 2014-15.
Shekhar Bajaj Charitable Trust Vs Income Tax Officer-17(3)(3)
(2022) TaxCorp(LJ) 28883 (ITAT-MUMBAI) · Section 10(34)
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