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Merely providing commercial information through a benchmarking study does not in any manner makes available any technical knowledge, experience, skill, know how or processes, nor consist of the development and transfer of a technical plan or technical design.
Reliance Industries Ltd Vs ACIT
(2022) TaxCorp(LJ) 29262 (ITAT-MUMBAI)
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In view that the case was selected for scrutiny for large share application money, the AO was duty bound to carry out necessary verification in terms of proviso to Section 68.
Aneeka Universal P. Ltd Vs Principal Commissioner of Income Tax-9
(2022) TaxCorp(LJ) 29260 (ITAT-MUMBAI)
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Tinkering with the book profit as per profit and loss account is permitted otherwise than mandated by the provisions of the Act as contained in section 115JB.
Tolani Shipping Co. Ltd Vs DCIT-5( 3)( 2)
(2022) TaxCorp(LJ) 29257 (ITAT-MUMBAI) · Section 33AC
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Under these circumstances, there seems to be no basis, except for surmises and conjectures, to suggest that the company is not wholly managed or controlled from the UAE.
Interworld Shipping Agency LLC Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29249 (ITAT-MUMBAI)
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TDS could not contemplated by the Assessee at the time of share purchase and interest u/s 201(1A) could not be charged as interest need be given same treatment as given to the principal sum.
WNS Capital Investment Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29248 (ITAT-MUMBAI)
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ITAT - Levy of penalty by no means could be construed as an addition within the meaning of clause 10(e) of the CBDT circular no.3 of 2018 - Revenue’s appeal not maintainable, as the tax effect was below the monetary limit prescribed by CBDT Circular No.17/2019.
Stripco Springs Pvt Ltd Vs ITO- 13(2)(4)
(2022) TaxCorp(LJ) 29231 (ITAT-MUMBAI)
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Assessee is entitled to stay of demand even though it exceeds the period beyond 365 days as assessee has no fault for the delay in disposal of the pending appeal.
Vodafone Idea Ltd Vs DCIT
(2022) TaxCorp(LJ) 29228 (ITAT-MUMBAI)
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If the claim of the assessee is legally sustainable and supported by decision of a High Court, the same should not have been disturbed in revision u/s. 263 of the Act.
Piramal Investment Opportunities Fund Vs Pr. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29214 (ITAT-MUMBAI)
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The issue of rectification order under Section 154 which is, whether to levy the interest from date of refund or date of receipt of such refund, is capable of divergent views.
State Bank of India Vs Asstt. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29193 (ITAT-MUMBAI) · Section 234D
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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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