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Provisions of Section 45 shall not apply if there is a transfer of capital asset by a company to its Indian subsidiary and the parent company along with its nominees hold the whole of share capital of the subsidiary.
Reliance Industries Limited Vs Asst. Commissioner of Income Tax
(2023) TaxCorp(LJ) 31420 (ITAT-MUMBAI)
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When the adjusted profit is also eligible for exemption under section 10A there is no question of making any addition towards the adjustment made to depreciation.
Zensar Technologies Ltd Vs DCIT-2(3)
(2023) TaxCorp(LJ) 31403 (ITAT-MUMBAI) · Section 80HHE
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Basic provision of law has not been followed and the adjustment in the returned income is null and void and wholly without jurisdiction.
Ernst & Young Merchant banking Services LLP Vs ADIT
(2023) TaxCorp(LJ) 31400 (ITAT-MUMBAI)
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A bare reading of list of investors demonstrates a specific pattern of buying the shares by lead investor and then his/her family members also in huge quantity.
Hitendra C. Ghadia Vs DCIT
(2023) TaxCorp(LJ) 31399 (ITAT-MUMBAI) · Section 10(38)
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A judicial precedent is only an authority for what it actually decides and not what may come to follow from some observations which find place therein.
Total Oil India Pvt. Ltd. & Others Vs Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31386 (ITAT-MUMBAI)
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Amendment covering non-compete fees received from the profession under Section 28(va) was passed by Finance Act, 2016 with effect from AY 2017-18, thus the same is not applicable to the present case.
Nalini Mahajan Vs ACIT
(2023) TaxCorp(LJ) 31357 (ITAT-MUMBAI) · Section 28(va)
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Taxes on the salary of the seconded employees are already been paid to Indian exchequer and if the same is taxed again in the Assessee’s hands, it will tantamount to double tax.
Morgan Stanley International Incorporated Vs DDIT (International Taxation)-4(1)
(2023) TaxCorp(LJ) 31356 (ITAT-MUMBAI)
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All the support services are provided by the intra- group entities and particularly, the administrative and day to day management services are provided by the assessee.
Jefferies LLC Vs DCIT (IT)
(2023) TaxCorp(LJ) 31354 (ITAT-MUMBAI)
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Provision made on account of ESOP expenditure would be an ascertained liability and not a contingent liability warranting any disallowance either under normal provisions or while computing book profits under Section 115JB.
Vodafone Idea Ltd (formerly known as Idea Cellular Limited) Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 31326 (ITAT-MUMBAI) · Section 28(iv)
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Expenses incurred for promotion of pharmaceutical products in the form of gifts or incentives (freebies) to the doctors are against public policy and being prohibited by law and same are not allowable under Section 37(1).
Galderma India Pvt. Ltd. (Formerly known as Nestle Skin Health India Pvt. Ltd.) Vs ACIT
(2023) TaxCorp(LJ) 31309 (ITAT-MUMBAI)
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As Assessee does not have a permanent establishment in India, the article 7 of the treaty will trigger only if such profits are attributable to a permanent establishment in India.
Taj TV Limited Vs DCIT
(2023) TaxCorp(LJ) 31288 (ITAT-MUMBAI)
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Several notices were issued under Section 142(1) seeking details of deposits made by account holders, however no reference was made to any material or document seized in the course of search in any of the notices.
Renukamat Multi State Coop Urban Credit Soc. Ltd Vs ACIT
(2023) TaxCorp(LJ) 31287 (ITAT-MUMBAI)
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Since both the conditions for classification as financial liability failed, the instruments cannot be classified as financial liability and thus, in turn cannot be termed as CFI in absence of the financial liability component.
Reliance Industrial Investment and Holdings Limited Vs DCIT
(2023) TaxCorp(LJ) 31274 (ITAT-MUMBAI)
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As per provisions of Section 115A(i)(a)(ii), interest income earned by the assessee would be chargeable to tax at 20%.
Cooperative Rabobank UA Vs Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31269 (ITAT-MUMBAI)
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ITAT - Mumbai ITAT Quashes Assessment Order for Non-Conformity with DRP's Finding on Type of PE; Emphasizes Need for 'Complete Conformity' Under Section 144C.
AZZ WSI B.V. Vs The Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31267 (ITAT-MUMBAI)
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Payment for Supervision, Installation, and Commissioning Services Not FTS under India-Belgium DTAA; Invokes MFN Clause under India-Portugal DTAA, Deletes Disallowance under Section 40(a)(i).
Dieffenbacher GmbH Vs The ACIT
(2023) TaxCorp(LJ) 31265 (ITAT-MUMBAI)
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ITAT - Determines Non-taxability of Advertising Rights Payment as Royalty in Cricket Tournaments by considering LoB Clause Applicability.
Total Sports & Entertainment India P. Ltd Vs Income Tax Officer
(2023) TaxCorp(LJ) 31263 (ITAT-MUMBAI)
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Reopening of assessment under Section 148 cannot be justified on hypothesis of a future event.
World Sport Group (Mauritius) Limited Vs The DCIT
(2023) TaxCorp(LJ) 31235 (ITAT-MUMBAI)
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The addition on account of interest of Rs.68.49 Cr @ 22% as directed by the DRP is unsustainable.
CPI India Real Estate Ventures Limited Vs Deputy Commissioner of Income-tax
(2023) TaxCorp(LJ) 31228 (ITAT-MUMBAI)
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Though this Special Bench judgment referred to supra has been rendered in the context of pre-Securities Transaction Tax (STT) era, still the analogy drawn thereon would be applicable to the facts of the instant case.
J.P. Morgan Fund Vs Dy. Commissioner of Income Tax (IT)
(2023) TaxCorp(LJ) 31218 (ITAT-MUMBAI)
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