ITAT Mumbai — Direct Tax

1. ITAT Mumbai · 07 Nov 2014
   "Innovative" method of department of forcing hapless assessees to give "consent letters" for tax recovery deplored and warning issued

   Johnson & Johnson Ltd. vs. ACIT

   (2014) TaxCorp(LJ) 4300 (ITAT-MUMBAI)

2. ITAT Mumbai · 03 Nov 2014
   S. 147: Reopening on the possibility that the assessee AOP may or may not be a taxable unit is based on surmise and presumption & is invalid

   Investeringsforeningen BankInvest vs. DDIT

   (2014) TaxCorp(LJ) 4299 (ITAT-MUMBAI) · Section. 147

3. ITAT Mumbai · 10 Nov 2014
   Purchases cannot be treated as bogus solely on the ground that suppliers are not traceable if the assessee has paid by a/c payee cheques and produced the income-tax and sales-tax documents and bank statements of the suppliers

   Ganpatraj A Sanghavi vs. ACIT

   (2014) TaxCorp(LJ) 4297 (ITAT-MUMBAI)

4. ITAT Mumbai · 08 Nov 2014
   S. 271(1)(c): Explanation that bona fide mistake was committed on advice of CA is a reasonable one as per Explanation 1B of s. 271(1) and does not attract penalty

   ACIT vs. Cecilia Haresh Chaganlal

   (2014) TaxCorp(LJ) 4290 (ITAT-MUMBAI) · Section. 271(1)(c)

5. ITAT Mumbai · 24 Oct 2014
   S. 41(1): Unclaimed & unproven liabilities are deemed to have ceased and are assessable as income

   ITO. Vs. Sajjankumar Didwani

   (2014) TaxCorp(LJ) 4285 (ITAT-MUMBAI) · Section. 41(1)

6. ITAT Mumbai · 24 Oct 2014
   No S. 14A/ Rule 8D Disallowance if accounts not examined. Consent fee paid to SEBI is not penalty for infraction of law

   ITO. vs. Reliance Share and Stock Brokers (P) Ltd.

   (2014) TaxCorp(LJ) 4284 (ITAT-MUMBAI) · Section. 14A

7. ITAT Mumbai · 24 Oct 2014
   Various arguments on the applicability of s. 14A & Rule 8D where the AO has not recorded satisfaction, where the shares are held in strategic/ subsidiary companies, held as stock-in-trade, where there are surplus funds and the quantum of disallowance under Explanation (f) to s. 115JA/ 115JB considered

   HSBC Invest Direct (India) Ltd. vs. DCIT

   (2014) TaxCorp(LJ) 4280 (ITAT-MUMBAI) · Section. 14A, 115JA, 115JB

8. ITAT Mumbai · 24 Oct 2014
   Law on the tests to distinguish whether gains on sale of shares is short-term or business profits explained

   Harsha L. Tahilramani vs. ACIT

   (2014) TaxCorp(LJ) 4278 (ITAT-MUMBAI)

9. ITAT Mumbai · 16 Oct 2014
   S. 271(1)(c): Wrong claim for depreciation by showing a finance or loan transaction as a lease transaction attracts penalty

   Times Guaranty Ltd. vs. ACIT

   (2014) TaxCorp(LJ) 4270 (ITAT-MUMBAI) · Section. 271(1)(c)

10. ITAT Mumbai · 20 Oct 2014
    S. 43(5)(a): Loss on foreign currency forward contracts by a manufacturer/ exporter is a “speculation loss” and not a “hedging loss”

    Araska Diamond Pvt. Ltd vs. ACIT

    (2014) TaxCorp(LJ) 4259 (ITAT-MUMBAI) · Section. 43(5)(a)

11. ITAT Mumbai · 10 Oct 2014
    Sec. 194A TDS not deductible on Hundi discount as it is not interest

    DCIT. Vs. Shri Harnamsingh Kulbirsingh Maker

    (2014) TaxCorp(LJ) 4252 (ITAT-MUMBAI) · Section. 194A

12. ITAT Mumbai · 08 Oct 2014
    Even if s. 50C addition can be made on the basis of stamp duty valuation, addition u/s 69B cannot be made barely on the basis of DVO's report

    ACIT. vs. Dilip Nabera (HUF)

    (2014) TaxCorp(LJ) 4216 (ITAT-MUMBAI) · Sections. 142A, 50C, 69B

13. ITAT Mumbai · 30 May 2014
    ITAT Cannot be Precluded from handling any point which appertains to assessment even if it is raised for the first time

    Pradeep G. Vora Vs. ITO

    (2014) TaxCorp(LJ) 4210 (ITAT-MUMBAI)

14. ITAT Mumbai · 22 Aug 2014
    A.O Cannot act as a reviewing authorithy u/s 147 of Income Tax Act, 1961

    DCIT. Vs. Century Textiles and Industries Ltd.

    (2014) TaxCorp(LJ) 4209 (ITAT-MUMBAI) · Section. 147

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