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AO has merely acted on the basis of surmises and conjuncture in estimating 20% of the total receipt as unexplained cash credit. Therefore, the addition made upon the basis of guess work cannot be sustained.
Nitta Jatiya (Alias Nita Jatia) Vs DCIT
(2022) TaxCorp(LJ) 29482 (ITAT-MUMBAI)
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When the order of the Pr.CIT under Sec. 263 had been quashed by the Tribunal, therefore, the disallowance of depreciation on goodwill made by the A.O by relying on the order passed by his predecessor under Sec. 143(3) r.w.s 263 cannot survive on a standalone basis and was liable to be vacated.
FEDEX EXPRESS Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29479 (ITAT-MUMBAI)
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The conditions imposed in all the earlier stay orders shall remain intact. Both the parties shall make endeavour for early disposal of quantum appeal.
Skoda Auto Volkswagen India Private Limited Vs DCIT
(2022) TaxCorp(LJ) 29462 (ITAT-MUMBAI)
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The addition has been confirmed in the absence of evidence from the assessee but this is not a case which would warrant levy of penalty either for concealment of income or for furnishing of inaccurate particulars.
Mrs. Kavita Singh Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29460 (ITAT-MUMBAI) · Section 271(1)(c)
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In the guise of consistency, it can never be held that shares are intangible asset on which depreciation can be allowed u/s 32(1)(ii).
Sanjana Cryogenics Storages Ltd Vs The Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29458 (ITAT-MUMBAI)
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Since the dividend income would be exempt in the hands of the assessee in terms of Sec. 10(34) r.w.s. 115-O, there would not be any requirement to file Income Tax Return for the assessee.
Liston Investment Ltd Vs ITO-12(3)(3)
(2022) TaxCorp(LJ) 29450 (ITAT-MUMBAI) · Section 10(34)
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Where, procedural rules result in miscarriage or travesty of its purpose, such rules sometimes have to be passed over in the larger interest of justice.
Jaykrishna Dharmeshbhai Pathak Vs Income Tax Officer
(2022) TaxCorp(LJ) 29443 (ITAT-MUMBAI)
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Even if the interest income is connected with the Assessee’s PE, it can only be brought to tax in India when the it is directly or indirectly attributable to the PE.
Marubeni Corporation, Japan Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29425 (ITAT-MUMBAI)
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Since the loan is repaid by the Assessee in AY 2013-14, therefore addition u/s 68 is being deleted and interest paid is allowable u/s 36(1)(iii).
Talisman Securities Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29423 (ITAT-MUMBAI) · Sections 68, 133(6)
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Under section 244A, interest provided for under the statute can only be claimed by the assessee from the Revenue and no other interest on such statutory interest is payable.
MSM Satellite (Singapore) Pte. Ltd. Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29422 (ITAT-MUMBAI) · Section 244A
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By merely transferring funds as unsecured loan or advances towards share capital will not trigger the deeming provision under section 56(2)(viib).
Impact RetailTech Fund Pvt. Ltd Vs ITO -6(2)(4)
(2022) TaxCorp(LJ) 29403 (ITAT-MUMBAI) · Section 56(2)(viib)
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It cannot be categorically concluded out the demerger scheme does not constitute, directly or indirectly, distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company.
Grasim Industries Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29398 (ITAT-MUMBAI)
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The CIT(A) explained that if such transactions were to be treated as transfer by notionally assigning a value, then the benefit of indexation and Section 54 to be given to the Assessee and thus CIT(A)’s order is upheld.
Sanika Avadhoot Vs Income Tax Officer
(2022) TaxCorp(LJ) 29350 (ITAT-MUMBAI)
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Sum received from Indian counterpart for distributing products on principal-to-principal basis was not ‘Royalty’ under Article 12 of the India-USA DTAA.
Factiva Ltd Vs DCIT
(2022) TaxCorp(LJ) 29331 (ITAT-MUMBAI)
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The Revenue had mentioned incorrect address in the body of the assessment order itself, mitigating further the claim of the Revenue.
Late Pankaj Shantilal Shah (through L/heir Mrs. Bharti Pankaj Shah) Vs Income Tax Officer
(2022) TaxCorp(LJ) 29305 (ITAT-MUMBAI)
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The commission amounts which were earned by the non-resident assessees for services rendered outside India cannot, therefore, be deemed to be incomes which have either accrued or arisen in India.
Credit Suisse (Singapore) Ltd. Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29302 (ITAT-MUMBAI)
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Capital losses incurred from capital market transactions shall be construed as income accruing or arising from transactions undertaken in India falling within Sec. 5 and eligible to be carried forward to subsequent years.
Goldman Sachs India Investments (Singapore) PTE Limited The Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29288 (ITAT-MUMBAI)
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Carried forward MAT credit of amalgamating company can be taken credit of by amalgamated company.
TATA Communications Ltd. Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29286 (ITAT-MUMBAI)
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Letting out of studio premises of trust in order to achieve main object of education cannot be construed as business.
Acharya Jiyalal Vasant Sangeet Niketan Vs ITO
(2022) TaxCorp(LJ) 29284 (ITAT-MUMBAI)
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Where assessee filed details regarding claim of depreciation on goodwill in original assessment proceedings and A.O after considering same, allowed said claim, initiation of reassessment to disallow depreciation was nothing but change of opinion.
Tata Communications Limited Vs DCIT
(2022) TaxCorp(LJ) 29283 (ITAT-MUMBAI)
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