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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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The allegation that some flats were sold at higher rate is vague and general in nature without bringing on record cogent material.
Shivji Amba Gami Vs Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 29569 (ITAT-MUMBAI)
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Once a question of law was admitted by the HC in quantum proceedings, the issue becomes debatable and penalty under Section 271(1)(c) cannot be levied.
Linklaters Vs ADIT (IT)-3 (2)
(2022) TaxCorp(LJ) 29563 (ITAT-MUMBAI)
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When an opportunity of presenting the case, through the video conferring in the faceless appeal proceedings, is now available to every taxpayer, on-demand, the same must also be held to be admissible in the proceedings, if so demanded by the assessee, in the old rules as well.
Bank of India Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29554 (ITAT-MUMBAI)
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Expenditure on account of purchase of shares issued as ESOP is revenue in nature, thus, allowable under Section 37(1).
Morgan Stanley Advantage Services Pvt. Ltd. Vs Commissioner of Income Tax (Appeals)
(2022) TaxCorp(LJ) 29548 (ITAT-MUMBAI)
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Profits of offshore supply cannot be said to be attributable to the PE merely because the sale were directly billed to the Indian Customer.
Clough Projects International Pty. Ltd Vs DCIT(IT)-2(1)(1)
(2022) TaxCorp(LJ) 29540 (ITAT-MUMBAI) · Section 44BB
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Interest payment by PE to HO is a payment by a foreign company's Indian PE to the foreign company itself and cannot give rise to any income in the hands of HO.
Shinhan Bank Vs Deputy Director of Income Tax
(2022) TaxCorp(LJ) 29533 (ITAT-MUMBAI) · Section 90(1)
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Merely because the revisionary authority does not agree with the possible view taken by Revenue, the assessment cannot be the subject matter of revision. Therefore, PCIT erred in invoking revision proceedings.
Learning Curve Edutech Solutions Pvt. Ltd Vs PCIT
(2022) TaxCorp(LJ) 29532 (ITAT-MUMBAI)
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Penalty cannot be automatic and every addition in the assessment proceedings cannot be gate way for levy of penalty.
Nabors Drilling International Ltd. Vs DCIT
(2022) TaxCorp(LJ) 29508 (ITAT-MUMBAI)
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Unless a specific exception is provided in the circular w.r.t. penalty also, it could by no means be construed that penalty was to be treated at par with the quantum additions.
Air Vision Technologies Vs Income Tax Officer
(2022) TaxCorp(LJ) 29504 (ITAT-MUMBAI)
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Discount on issue of ESOP was allowable as deduction u/s.37(1) of the Act as primary object was not to vest capital but to earn profits by securing consistent services of employees.
Mahindra Lifespace Developers Ltd Vs Dy.CIT
(2022) TaxCorp(LJ) 29503 (ITAT-MUMBAI) · Section 37(1)
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License fee paid for purchases of software is not in the nature of royalty under India-Singapore DTAA and assessee is not liable to deduct TDS u/s 195.
Reliance Corporate IT Park Ltd Vs DCIT
(2022) TaxCorp(LJ) 29484 (ITAT-MUMBAI)
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